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English definition of “social security tax”

social security tax

noun [C or U]     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. → Compare national insurance
(Definition of social security tax noun from the Cambridge Business English Dictionary © Cambridge University Press)
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