The Social Security tax is paid by both employees and employers to help fund the Social Security program. It’s collected in two different forms. The Federal Insurance Contributions Act mandates the payroll tax. The Self Employed Contributions Act mandates the self-employment tax. The tax pays for the disability, survivorship, and retirement benefits of millions of Americans every year.
Keep reading to find out more about this tax, whether you should be paying it and how it is beneficial to you.
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