Social Security and Medicare Taxes

Social Security and Medicare taxes are federal payroll taxes collected in the United States to fund specific social programs. Social Security tax helps provide retirement benefits and support for disabled individuals and survivors of deceased workers. Medicare tax funds health care for seniors and some people with disabilities. Both taxes are taken directly from workers' paychecks, with employers matching the contributions. These taxes ensure that eligible citizens have financial and health support when they retire or face health-related issues, contributing to the overall social safety net in the country.