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These include Social Security and Medicare taxes imposed on both employers and employees, at a combined rate of 15.3% (13.3% for 2011 and 2012). Social Security tax applies only to the first $132,900 of wages in 2019. [8] There is an additional Medicare tax of 0.9% on wages above $200,000. Employers must withhold income taxes on wages.
In the 1930s, the New Deal introduced Social Security to rectify the first three problems (retirement, injury-induced disability, or congenital disability). It introduced the FICA tax as the means to pay for Social Security. In the 1960s, Medicare was introduced to rectify the fourth problem (health care for the elderly). The FICA tax was ...
There is a Social Security government pension offset [62] that will reduce or eliminate any spousal (or ex-spouse) or widow(er)'s benefits if the spouse or widow(er) is also receiving a government (federal, state, or local) pension from work that did not require paying Social Security taxes. The basic rule is that Social Security benefits will ...
The Recession of 1937 was blamed on the government, tied to the abrupt decrease in government spending and the $2 billion that had been collected in Social Security taxes. [41] Benefits became available in 1940 instead of 1942 and changes to the benefit formula increased the amount of benefits available to all recipients in the early years of ...
The basic idea behind Social Security retirement benefits is that you'll spend your working years paying into the system through payroll or self-employment taxes, and the money you pay in will come...
The United States tended to tax lower-income people at lower rates, and relied substantially on private social welfare programs: "after taking into account taxation, public mandates, and private spending, the United States in the late twentieth century spent a higher share on combined private and net public social welfare relative to GDP than ...
The Social Security Administration has a diminished staff after Congress has for years declined to fund the agency at its requested levels, even as the baby boomer generation ages and adds to the ...
The Social Security bill on Tuesday won bipartisan support in the House, 327-75, in what is now the lame-duck period for Congress. The bill now heads to the Senate, where passage is not assured ...
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