Social Security Tax

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Social Security Tax

What is Social Security Tax?

Social Security Tax is the taxes that are paid for old age or retirement benefits. There are two types of social security taxes: Medicare that covers your medical expenses, and Old age, Survivor, and Disability Insurance (OASDI).

Related: Social Security Number (SSN), Social Security Administration, W2 Form, Federal Insurance Contributions Act (FICA), Employer Payroll Taxes