Social Security Tax

Retirement
Social Security
Social Security Tax

Introduction to Social Security

Social Security is a federal benefits program in the United States that was founded in 1935. While the program also includes disability income, it is most commonly associated with monthly retirement benefits paid out until death. The Social Security system is funded through payroll taxes. The Federal Insurance Contributions Act (FICA) mandates a 12.4% levy […]

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Social Security
Social Security Tax
Taxes

How Is Social Security Tax Calculated?

The Old-Age, Survivors and Disability Insurance program (OASDI) tax—more commonly called the Social Security tax—is calculated by taking a set percentage of your income from each paycheck. Social Security tax rates are determined by law each year and apply to both employees and employers. For both 2021 and 2022, the Social Security tax rate for […]

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