---
title: Social Security Tax
description: The Social Security tax is a payroll tax levied against employees and employers.
---

[Realized 1031 Glossary of Terms ](https://www.realized1031.com/glossary)

# [Social Security Tax](https://www.realized1031.com/glossary/social-security-tax)

 Written by [The Realized Team](https://www.realized1031.com/glossary/author/the-realized-team) | Jun 27, 2022 12:00:00 PM

The Social Security tax, or Old-Age, Survivors, and Disability Insurance (OASDI) Program, which is the official name of social security, is a payroll tax levied against employees and employers. When you look at your next paycheck, you’ll see a deduction for FICA. FICA stands for (FICA) Federal Insurance Contributions Act, which is the fund that Social Security taxes are paid into. Self-employed people also pay into Social Security through self-employment taxes, which are mandated by the Self-Employed Contributions Act (SECA).

The 2020 Social Security tax rate is set at 12.4% and is paid 50/50 between employees and employers. Self-employed people must pay the entire 12.4% Social Security tax.

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