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Tax Guru-Ker$tetter Letter
Wednesday, June 07, 2006
Fiscal Definition?
Q:
Subject: FISCAL
What exactly does "FISCAL" stand for? =) I know it is an acronym for something, but no one I ask seems to know. Do YOU?
A:
I had never heard that theory or ever considered that word to be an acronym of anything. It always meant money or financial to me.
In fact, the dictionary shows that it is a variation of a Latin word:
Etymology: Latin fiscalis, from fiscus basket, treasury
Kerry Kerstetter
Follow-Up:
The reason I was asking is because someone once told me that is stood for Federal-Income-something-something-Annual Liabilities (ish) and I was just curious. If you ever do hear of that again you should let me know. =) Thanks Again!
My Reply:
What you are probably thinking about is the acronym used for withholding of Social Security & Medicare taxes, FICA.
That stands for Federal Insurance Contributions Act.
Kerry Kerstetter
- posted by Kerry M. Kerstetter, MBA~CPA~ATP~ATA @ 6/07/2006 09:44:00 AM Send this post:
