Legal glossary
What is Legal Terms - Social Security Tax?
Legal Terms - Social Security Tax — Social Security Tax Information: This is a retirement fund tax that was originally set up by the federal government in 1935 in response to The Great Depression. The Social Security tax is levied on employed persons and employers will contribute as well. Payments are withheld from the employee paychecks according to a set percentage of annual income. So long as sufficient money is paid over time…
Social Security Tax Information: This is a retirement fund tax that was originally set up by the federal government in 1935 in response to The Great Depression. The Social Security tax is levied on employed persons and employers will contribute as well. Payments are withheld from the employee paychecks according to a set percentage of annual income. So long as sufficient money is paid over time for the individual, there will be some form of retirement benefit available to him or her in the future.