Everything You Need To Know About Social Security Tax In 2023
The Rich Will Owe This Much Social Security Tax in 2019 The Motley Fool from www.fool.com What is Social Security Tax? Social Security tax is a tax levied by the United States federal government and collected through the Federal Insurance Contributions Act (FICA). It is used to fund the Social Security program and covers both employers and employees. Employers are responsible for paying half of the Social Security tax and employees are responsible for the other half. The tax is used to fund the Social Security program and is used to provide benefits for retirees, disabled workers, and survivors of deceased workers. How Much is Social Security Tax? The Social Security tax rate for 2023 is 6.2% for both employers and employees. This rate applies to the first $142,800 of wages or self-employment income. This means that the maximum amount of Social Security tax due for 2023 is $8,853.60 for employers and $8,853.60 for employees. This amount is subject to change each year as the tax rat...