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 increase in state benefits will put more pressure on Chancellor George Osborne, who is battling to slash the nation''s budget deficit, as unemployment hit a 17-year high of 2.57 million in August.
Yet Jane Gelfand, an attorney and benefits counseling program director at Positive Resource Center--a nonprofit organization in San Francisco that assists those affected by HIV and AIDS--has spent much of the year exhaustively researching the impact the law will have on means-tested state benefits. She is alarmed at the lack of answers.
While that is part of Buchanan's concern, he sees the main threat arising from immigrant eligibility for generous welfare state benefits, such as medical care, food stamps, education, and other benefits.
EDS will notably assist Britain's postal service in setting up an electronic payment programme for state benefits to replace the current system of individual cheques for recipients.
A DOLE cheat who fiddled more than pounds 18,000 in State benefits has been given nearly 700 years to pay it back.
* How to apply for federal and state benefits, including Social Security;
About 70,000 medicals are carried out each month on people claiming state benefits for the first time, such as disability living allowance, invalidity or incapacity allowance.
Employment, labor productivity, and straight-time pay are up, while state benefits have been cut by 10 percent, the budget is in surplus, inflation has held at 2 percent per year, and government debt has fallen from 50 to 30 percent of GDP.
2 With all the talk about balancing budgets, neither candidate was willing to confront the demographic time-bomb that will explode the federal deficit early in the next century when the post-world War II `baby boom' generation starts to draw on social security, medicare and other state benefits. Present generations are in effect getting away with massive theft from future ones without so much as the courtesy of public debate.
The payments are calculated pursuant to a formula designed to measure the net direct state benefits accruing from the new business establishment.(6) The quarterly incentive payments are a percentage, not exceeding five percent, of the qualifying business establishment's actual gross payroll for new direct jobs created in Oklahoma.(7) The payments are made by the Oklahoma Tax Commission from a fund it maintains and administers pursuant to the Act.
1.1 billion soms are envisaged for state benefits payment from state budget, according to the Labor Ministry.
Over 64% of budget of the Ministry of Social Development accounts for payment of state benefits, including 32% of unified monthly benefits to low income families having children.

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