Social Security tax

{
  "id": "MLC-T-LAW-004582",
  "term": "Social Security tax",
  "field": "Law",
  "definition": "A mandatory payroll tax levied on both employees and employers to fund the Social Security program, which provides retirement, disability, and survivor benefits. The tax rate is a percentage of an individual's earnings up to a certain annual limit, with half paid by the employee and half by the employer. For 2024, the employee and employer each pay 6.2% on earnings up to $168,600.",
  "url": "https://mlchart.com/terminology/law/social-security-tax/"
}