Social Security

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Related to Social Security Tax: Medicare Tax, Federal income tax

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 ?
Social security tax cut will benefit larger part of the economy .
The Code and regulations provide a three-part test for the employer's Social Security tax and FUTA tax.
Not only is the employer not bearing any burden from paying the Social Security tax, he or she is making a profit from the program that is significantly larger than the net benefits received by the workers.
Some who complain about inequality and fairness look at the social security tax side, but not the transfer side.
If the company made payments to a terminated employee over two tax years, a different Social Security tax rate and wage base may have applied.
After all, the current budget surplus is entirely the result of a Social Security tax surplus.
citizens abroad for Self-Employment tax (SECA) and Social Security tax (FICA).
A savings calculator enables the broker and employer to calculate various plan savings online, including price breakdowns and social security tax savings.
Those at the top of the Social Security tax scale, with incomes of $106,800 annually, would save $2,136.
Increasing Social Security tax on wealthiest could raise billions" reads a four-column headline at the top of the front page of the Charleston Gazette.
I think the Social Security tax rate should be reduced, all income should be subject to the SS tax, and the benefits should be means tested.
Shlaes also writes thoughtfully about the Social Security tax.

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