Social Security payroll tax
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Social Security payroll tax definition - finance
A tax paid in equal amounts by companies and
employees, whose contributions are deducted from their paychecks. Self-employed
workers can deduct one-half of their Social Security payment from their taxes.
In 2002, the Social Security tax was 12.4 percent of a workerÂ’s wages, up to
$84,900. The Social Security payroll tax started in 1937 at a rate of 2
percent.
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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"Social Security payroll tax." Webster's New World Finance and Investment Dictionary. 2009
- Your Dictionary. 5 July 2009
- <www.yourdictionary.com/finance/social-security-payroll-tax>
APA Style
Social Security payroll tax. (2009). In Webster's New World Finance and Investment Dictionary
- Retrieved July 5th, 2009, from www.yourdictionary.com/finance/social-security-payroll-tax
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