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Under the 1983 amendments to Social Security, a previously enacted increase in the payroll tax rate was accelerated, additional employees were added to the system, the full-benefit retirement age was slowly increased, and up to one-half of the value of the Social Security benefit was made potentially taxable income.
The Federal Insurance Contributions Act (FICA) (codified in the Internal Revenue Code) imposes a Social Security withholding tax equal to 6.20% of the gross wage amount, up to but not exceeding the Social Security Wage Base ($97,500 for 2007; $102,000 for 2008; and $106,800 for 2009, 2010, and 2011). The same 6.20% tax is imposed on employers.
The first Social Security office opened in Austin, Texas, on October 14, 1936. [10] Social Security taxes were first collected in January 1937, along with the first one-time, lump-sum payments. [8] The first person to receive monthly retirement benefits was Ida May Fuller of Brattleboro, Vermont. Her first check, dated January 31, 1940, was in ...
3. The wage cap for Social Security taxes is going up. Social Security is funded primarily by payroll taxes. Each year, there's a wage cap set that dictates how much income gets taxed for Social ...
The good news is, now you can avoid these devastating Social Security mistakes and ensure you make the right claiming choices that set you -- and your spouse -- up for the secure retirement you ...
“Social Security was never set up to fully fund someone’s retirement – it was just set up to hedge the risk of a retirement shortfall,” says Eric Bond, president of Bond Wealth Management ...