It could be suit and tie or it could be Black Tie.
Formal actually refers to White Tie (a tailcoat, white pique-front vest, shirt, and tie, trousers with two satin stripes on each leg rather than one), but this is so rare (I believe about 19 events in the US each year with a few non-repeating ones; it's used for the higher-class Mardi Gras balls, debutante balls, premier nights at high-class opera houses, etc.) that usually Formal tends to refer to Black Tie.
Khakis, tie, and blazer usually would be Business Casual.
Ask for clarification, but if you'd rather assume, go with a conservative suit (grey, black, or navy, no patterns besides faint pinstripes), a solid white shirt, and a solid or Repp stripe tie. All your leather should match in color, as should all your metal, but the metal is more optional these days. With a black suit, only wear black leather; with navy, black, brown, or reddish (I forget the color); and with grey, black or brown. Black would be preferred for a semi-formal occasion. As to socks, they match the color of your trousers. Do NOT wear white socks or any manner of athletic socks.