Social Security Tax

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What is “Social Security tax”? 

Social Security tax refers to the tax that is imposed on employers and employees by the federal government to fund the Social Security program. For employees, this tax is collected as payroll tax via the Federal Insurance Contributions Act (FICA). For self-employed individuals, Social Security tax is collected in the form of self-employment tax which is required by the Self-Employed Contributions Act (SECA). 

The purpose of Social Security tax is to fund the retirement, disability, and survivorship benefits of many Americans under the Old Age, Survivors, and Disability Insurance Program (OASDI). 

The present Social Security tax rate is 12.4% which is divided into two contributions, one from the employee and the other from the employer at 6.2% each. The minimum wage base is $142,800. 

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