Social Security Tax

Surrender Value

A portion of the fica (federal insurance contributions act) tax that is 12.4% of an individual’s net earned income. the employee’s share of the medicare tax is 6.2% of wages up to a certain limit (called the social security wage base) that increases each year. the employer’s share of the medicare tax is 6.2% of an employee’s wages up to that limit.

Was This Term Helpful?

0 out of 0 found this helpful

Still got a question or concern?

Click here to contact us or go back to the main Glossary page.