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Most older adults count on receiving Social Security benefits as early as age 62 and well into retirement. For some people, these benefits are a major chunk of their income. For others, they are ...
The Virginia Employment Commission (VEC) is an agency of the Virginia state government that provides benefits and services to unemployed citizens, such as employment programs. [1] [2] The agency currently runs a monthly newsletter, sends monthly reports to the Virginia General Assembly, and issues press releases. [3]
Workers in Social Security covered employment pay FICA (Federal Insurance Contributions Act) or SECA (Self Employed Contributions Act) taxes and earn quarters of coverage if earnings are above minimum amounts specified in the law. Workers with 40 quarters of coverage (QC) are "fully insured" and eligible for retirement benefits.
Unemployment insurance is funded by both federal and state payroll taxes. In most states, employers pay state and federal unemployment taxes if: (1) they paid wages to employees totaling $1,500 or more in any quarter of a calendar year, or (2) they had at least one employee during any day of a week for 20 or more weeks in a calendar year, regardless of whether those weeks were consecutive.
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