Skip to Content
An HR Glossary for HR Terms

Glossary of Human Resources Management and Employee Benefit Terms

page leaf

Social Security Tax

What is Social Security Tax?

Social Security Tax is a general term describing taxes paid for a variety of old age and retirement benefits. There are two types of social security taxes: OASDI (Old Age, Survivor, & Disability Insurance) and Medicare (HI - hospitalization insurance). In 1991 the IRS required employers to report the two taxes separately. The 1994 percentage for FICA is 6.2% and for MCARE it is 1.45%. The total deduction for the two taxes is 7.65%. Employers must usually match this deduction.

We use cookies to improve your browsing experience. By continuing to use this website, you agree to our use of cookies in accordance with our privacy policy.