Social security tax is collected by the government to fund the benefits of retirees and those unable to work. Both employers and employees contribute to this tax. If you’re self-employed, you pay both the employer and employee portions of the Social Security tax. Discover how much you owe in Social Security taxes with help from TurboTax in this video. 00:00 Intro 00:09 Social Security Tax Explained 00:29 How Much Social Security Tax Do You Need To Pay? Subscribe to TurboTax for more tax tips: youtube.com/@turbotax?sub_confirmation=1 FAQ What is the Social Security tax, and what is its purpose? The Social Security tax is a tax collected by the government that is entirely separate from your federal income tax. On a typical pay stub, it might appear under labels such as "Social Security," "FICA," or "OASDI". The government collects these funds to help pay for the benefits you will eventually receive upon retirement, as well as to provide financial assistance to individuals who ...