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The Social Security System (SSS; Filipino: Paseguruhan ng mga Naglilingkod sa Pribado) [4] is a state-run social insurance program in the Philippines to workers in the private, professional and informal sectors. SSS is established by virtue of Republic Act No. 1161, better known as the Social Security Act of 1954.
In 1973, SSS coverage was extended to overseas Filipino workers and in 1980 to self-employed persons. SSS investment income during Teodoro’s term enabled the fund to increase benefits several times over despite a slow increase in contribution rates.
Retirement Contributions. When you contribute to a pre-tax retirement plan (such as an IRA), you can deduct those contributions from your tax return. And if you’re self-employed, you can open a ...
In 2013, the employee rate returns to 6.2% for a 50/50 split with the employer and a higher Maximum Contribution. For self-employed people, the 2013 guidance from SSA indicates the full rate OASDI is 12.4% for 2013. See footnote a. at 2013 SSA.gov link. Returning to the traditional 6.2% OASDI employee share for 2013 effectively reduces take ...
One of the best things about being self-employed is that you are entitled to a whole host of tax deductions. Learn More: 7 Tax Loopholes the Rich Use To Pay Less and Build More Wealth Try It: 6...
All your contributions will be tax-deductible. Folks in business for themselves may also choose a solo 401(k), a retirement plan for self-employed people without employees (except possibly a ...
Republic Act No. 7322 states that a pregnant employee who has paid at least three monthly maternity contributions to the Social Security System in the twelve-month period preceding the semester of her childbirth, abortion or miscarriage and who is currently employed shall be paid a daily maternity benefit equivalent to one hundred percent (100% ...
The self-employed have several plan options, including defined contribution plans such as a solo 401(k), SEP IRA and SIMPLE IRA. But they also have some defined benefit options, too.