social security tax Meaning in the Cambridge English Dictionary Cambridge dictionaries logo

Meaning of “social security tax” in the English Dictionary

"social security tax" in Business English

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social security taxnoun [C or U]

uk   us   US GOVERNMENT, FINANCE, TAX
moneycollected from ​employers and ​employees by the ​government to ​paypeople when they retire or because they are ill, ​unemployed, etc.: The ​currentrate of ​socialsecuritytax is 12.4%. Currently the ​government receives enough in ​socialsecuritytaxes on ​workers and ​companies to ​pay its ​pensionbill.
(Definition of social security tax from the Cambridge Business English Dictionary © Cambridge University Press)
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