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Her monthly gross pay is $12,455.10
Social security tax lisa pay in July to the nearest cent is $772.22
what is social security tax?
- Social Security tax is the tax levied on both employers and employees to fund the Social Security program in the U.S. Social Security tax is collected in the form of a payroll tax mandated by the Federal Insurance Contributions Act (FICA) or a self-employment tax mandated by the Self-Employed Contributions Act (SECA).
- The Social Security tax pays for the retirement, disability, and survivorship benefits that millions of peoples receive each year under the Old-Age, Survivors, and Disability Insurance (OASDI) Program—the official name for Social Security
- The Social Security tax is applied to income earned by employees and self-employed taxpayers.
- Employers usually withhold this tax from employees’ paychecks and forward it to the government. The funds collected from employees for Social Security are not put into a trust for the individual employee currently paying into the fund, but rather are used to pay existing older people in a "pay-as-you-go" system.
Her monthly gross pay is $12,455.10
Social security tax lisa pay in July to the nearest cent is $772.22.
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