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.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved

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.

Dictionary of Financial Terms. Copyright © 2008 Lightbulb Press, Inc. All Rights Reserved.
References in periodicals archive ?
The ILO defines social security system as: A set of legal provisions creating a title to defined benefits for defined categories of persons, in defined contingencies, including maternity , child maintenance, conditions requiring medical care, maintenance of community health , incapacity for work, unemployment, old age, funeral and death of the breadwinner."3
Government grants to plug the social security system's deficits rose by an annual 16 percent over the same period to 1.6 billion euros ($2.11 billion)
A great strength of the Social Security system is that it's self-funded.
A: The government aims to lay out the broad outlines for the reform of both the social security system and tax code by around Dec.
Sable presents a new innovative approach as to how to reform our income tax and social security system.
Now if Washington can just keep the Social Security system itself from foundering, we can all enjoy our retirement.
If people are given the choice between paying payroll taxes into the current social security system or missing out on potentially high rates of return through investing in individual accounts, most will decide to go with the individual accounts even though they may not have the "background, interest or time" to understand the underlying risks involved.
Summary: Madrid - Moroccans make up the largest non-EU worker group registered with the social security system in Spain as of the end of January, Spain's Labour and Immigration Ministry said.
Its members considered that authorisation could only be refused if the patient is not affiliated to the social security system or is exposed to a safety risk that cannot be considered acceptable.
ANKARA, Oct 20, 2010 (TUR) -- The number of workers freshly registered in Turkey's social security system increased by over one million between February and July 2010, according to data of the country's Social Security Institution (SGK).
According to Cypriot law, only seafarers residing in Cyprus may join the Cypriot social security system. On the other hand, Community seafarers working on a vessel flying the flag of Cyprus but whose place of residence is still in another Member State are not eligible to join the Cypriot social security system.
The volume contains Social Security benefit tables and tax tables and provides information on the Social Security system, hospital insurance taxes, federal income taxability of benefits, general and self-employed coverage, and Social Security benefits.

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