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Supplemental Security Income (SSI) is a means-tested program that provides cash payments to disabled children, disabled adults, and individuals aged 65 or older who are citizens or nationals of the United States. [1] SSI was created by the Social Security Amendments of 1972 and is incorporated in Title 16 of the Social Security Act.
The Social Security Administration will determine the eligibility of the citizens in these states and pay the SSP along with the SSI. The states for which the SSP is administered by the Social Security Administration are the following: California, Hawaii, Michigan, Montana, Nevada, New Jersey, and Vermont.
The costs of the program are covered by contributions to the State Fund in the form of SDI tax paid by employees, optionally by employers. Employee contributions to the state fund are deductible as state taxes. [2] The table below summarizes the contribution rates, taxable wage limits and maximum withholdings per employee since 1996:
This is good news for California’s Social Security benefit recipients, because the state’s income tax rates are among nation’s highest, ranging from 1% to 12.3%.
These include Supplemental Security Income (SSI) benefits, which provide monthly payments to lower-income adults as well as children with a disability or blindness. SSI payments are also available ...
Seniors living in Vermont can expect to pay between 3.35% and 8.75% in state income tax, but whether your Social Security benefits are excluded depends on your filing status and adjusted gross income:
Robert Reich, former United States Secretary of Labor, suggests lifting the ceiling on income subject to Social Security taxes, which is $168,600 as of 2024. [118] Increase Social Security taxes. If workers and employers each paid 8.0% (up from today's 6.2%), it would provide solvency through 2090.
State Social Security taxation varies greatly by state and can often be complicated. In Colorado, for example, beneficiaries younger than 65 can exclude up to $20,000 in benefits from their income ...