What does F.I.C.A. stand for?

F.I.C.A. stands for the Federal Insurance Contributions Act. This act was established in 1935 and primarily provides for Social Security and Medicare programs. Under this law, employers and employees contribute a portion of their wages to fund these programs, which serve as a safety net for workers in retirement, disability, and healthcare. FICA contributions are deducted from wages and match employer contributions, making it a vital source of funding for these government insurance programs.

The other options, while they may appear plausible, do not accurately reflect what F.I.C.A. represents. Federal Income Compensation Act and Federal Income Certification Act are not actual legislative acts associated with the contributions made under the Social Security system. Federal Insurance Contribution Administration is not the correct terminology and is not recognized in the context of federal legislation regarding Social Security and Medicare funding.