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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