Meaning of “social security tax” in the English Dictionary

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"social security tax" in Business English

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social security taxnoun [ C or U ]

uk us US GOVERNMENT, FINANCE, TAX

money collected from employers and employees by the government to pay people when they retire or because they are ill, unemployed, etc.:

The current rate of social security tax is 12.4%.
Currently the government receives enough in social security taxes on workers and companies to pay its pension bill.

(Definition of “social security tax” from the Cambridge Business English Dictionary © Cambridge University Press)