Stock Market Basics. Stock Market. Industries to Invest In. Getting Started. Planning for Retirement. Retired: What Now? Personal Finance. Credit Cards. About Us. Who Is the Motley Fool? Fool Podcasts. New Ventures. Search Search:. Updated: Mar 9, at AM. Employers are required to make a matching contribution that cannot be deducted from the employee's pay. People who are self-employed are responsible for paying both the employee and employer portions of this tax.
It also covers disability benefits for people who have been unable to work for at least 12 months due to medical or physical impairment.
Social Security also pays survivor benefits to widowed spouses and the children of deceased workers. For and , the rate is 6. The federal government defines a ceiling on how much income is required for Social Security taxation. This maximum limit is referred to by Social Security as the contribution and benefit base.
The only way it will affect your return is if you work multiple jobs and your total Social Security withheld exceeds the annual limits. Mark Kennan is a writer based in the Kansas City area, specializing in personal finance and business topics. Social Security. By Mark Kennan. Limits on Tax The Social Security tax might not apply to all of your wages, if you make enough money during the year. Misconceptions The Social Security tax is collected separately from federal income taxes.
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