Social Security Hear it!

Social Security definition - finance
A federal program, created under the Social Security Act of 1935, that is designed to provide some financial support to retirees. The program is paid for from a Social Security tax that is deducted from employeesÂ’ paychecks as well as from contributions made by employers. The paycheck deductions show up as FICA, which stands for the Federal Insurance Contributors Act.

Webster's New World Finance and Investment Dictionary Copyright © 2003 by Wiley Publishing, Inc., Indianapolis, Indiana.
Used by arrangement with John Wiley & Sons, Inc.

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