Social Security tax
As a 30+ year member of the AICPA, Nancy has experienced all facets of finance, including tax, auditing, payroll, plan benefits, and small business accounting. Her résumé includes years at KPMG International and McDonald’s Corporation. She now runs her own accounting business, serving several small clients in industries ranging from law and education to the arts.
Jennifer Agee has been editing financial education since 2001, including publications focused on technical analysis, stock and options trading, investing, and personal finance.
Social Security tax is one of the taxes that makes up the Federal Insurance Contributions Act (FICA). It is a percentage of gross wages that employers and employees pay to the government to fund retirement benefits. Social Security also provides benefits for those who are not able to work.