Social Security Tax

Social Security Tax is a payroll tax that helps fund the Social Security program in the United States, which provides financial assistance to retirees, disabled individuals, and survivors of deceased workers. Employees and employers each contribute a percentage of wages to this tax, which is collected by the federal government. The collected funds are then used to provide benefits, ensuring a source of income for eligible individuals. This system aims to support those in need and foster economic stability as people age or face unforeseen challenges.