Federal Insurance Contributions Act (FICA)
FICA: Definition and ExplanationFICA, short for the Federal Insurance Contributions Act, is a mandatory U.S. payroll tax that helps fund Social Security and Medicare programs. This tax is shared between employers and employees, with each contributing a portion of the total amount owed. Understanding How FICA WorksThe revenue generated from FICA supports essential federal programs […]
Fair market value (FMV)
Fair Market Value: Definition and OverviewFair market value (FMV) refers to the estimated price an employee would reasonably pay for a benefit or service on the open market, without access to discounts, special deals, or subsidies. It’s most often used to assess the worth of non-cash fringe benefits provided by an employer. Understanding Fair Market […]
Family and Medical Leave Act (FMLA)
Family and Medical Leave Act (FMLA): Definition and OverviewThe Family and Medical Leave Act (FMLA) is a federal regulation that allows qualified employees to take up to 12 weeks of unpaid, job-protected leave for specific medical or family-related reasons. During this period, employers offering health insurance are required to continue providing coverage under the same […]