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 ?
The incentive for saving at-risk jobs is quarterly premium payments for a period of three years not exceeding one-tenth of one percent of the estimated net direct state benefits for each qualifying at-risk job that is retained.
Fair distribution of state benefits and efficient spending of limited financial resources requires reforms in state benefit payment system.
It is about time that (all) state benefits are means tested, not just a selected few, which will lead to billions of pounds being saved each year.
The increase in state benefits will make it harder for Chancellor George Osborne to cut the nation's budget deficit.
We also know that some people view state benefits as a handout (rather than the entitlement that they actually are), are proud, and therefore won't claim this extra money.
b) National Insurance numbers have been given out like confetti to workers from Eastern Europe, who can then claim state benefits in due course.
It also states whether or not the holder is on state benefits.
A FRAUDSTER who claimed nearly pounds 70,000 in state benefits while working as a cleaner has been jailed for 10 months.
In the Commons she asked Mr Hain to consider allowing women withmore than one low-paid job topay the contribution togivethem entitlement to state benefits.
This sends a dangerous message that it does not matter how you behave' you will receive state benefits forever and a day.
And all those living in declared disaster zones would get evacuee status, making it easy to collect state benefits anywhere in the US.
The young mum, who receives pounds 280 per week in state benefits, said: 'Some people think I've wasted my life and should have gone to work.

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