Social Security

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Social Security

A program of the United States federal government that provides income to disabled and (especially) elderly people. That is, persons who have paid into the Social Security system for a certain period of time are eligible to receive what amounts to a government pension in retirement or in the event of disability. It is paid out of the Social Security trust fund and is financed through FICA taxes. Because Social Security is the single largest expense of the federal budget, periodic attempts are made to wholly or partly privatize Social Security, though opponents claim that doing so would make the American social safety net less secure. See also: SSI, TANF, SCHIP.

Social Security.

Social Security is a federal government program designed to provide income for qualifying retired people, their dependents, and disabled people who meet the Social Security test for disability.

You qualify for retirement benefits if you have had at least the minimum required payroll tax withheld from your wages for 40 quarters, the equivalent of 10 years.

The minimum for each quarter is set by Congress and increases slightly each year. You earn credits toward disability coverage in the same way.

The amount you receive in Social Security retirement benefits, up to the annual cap, is determined by the payroll taxes you paid during your working life, which were matched by an equal tax paid by your employers. Some of your benefit may be subject to income tax if your income plus half your benefit is higher than the ceiling Congress sets.

References in periodicals archive ?
We must remember that when they started to pay NI contributions - many from 1950 - their payments paid for others drawing a state retirement pension.
AT the beginning of the month, my State Retirement Pension was increased by pounds 3.
These benefits include : Attendance Allowance | Carer's Allowance | Disability Living Allowance | Income Support | Pension Credit | State Retirement Pension.
In the future weR could see zero inflation, which could result in the war-related pensions frozen, yet the state retirement pension would rise by 2.
Pensioners will be aware that the state retirement pension increased by pounds 2.
There is a stark simplicity about the question posed by the Greens: How can the Government justify what in European terms is an abysmally low basic state retirement pension while at the same time giving tax relief to better- off pensioners amounting to pounds 13.
However, from this year, according to Laurence Moore, a partner with the firm, if the spouse is paid more than pounds 75 a week and a P60 form is submitted, then they will have a qualifying year for the purposes of state retirement pension - even though no National Insurance contributions have been paid.
The basic state retirement pension is a good start and is calculated by how many qualifying years an individual has attained before they retire.
Those who do not get a state retirement pension or other social security benefit will have to claim.
Credited national insurance contributions can help towards future welfare benefit entitlement, for example, they can count towards the state retirement pension.
In 2000, Gordon Brown dropped a clanger (and not for the first time) when he announced that the state retirement pension would be raised by about 50p per week.
To qualify for a payment of up to pounds 75, candidates must be 60 or over, receive State Retirement Pension, be the person liable for council tax in their sole or main residence, and receive council tax benefit but not the maximum.

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