Definitions for "Social Security Tax"
Keywords:  fica, wages, payroll, withholds, worker
A payroll deduction based on gross wages paid, usually noted on the paystub as FICA. This is the amount paid to Social Security and matched by the employer.
Federal tax levied equally on employers and employees, used to pay for Social Security programs.
Provides benefits for retired workers and their dependents as well as for the disabled and their dependents. Also known as the "Federal Insurance Contributions Act" (FICA) tax.