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What is Social Security (US) mean?
In the United States, Social Security is the commonly used term for the federal Old-Age, Survivors, and Disability Insurance (OASDI) program and is administered by the Social Security Administration. The original Social Security Act was signed into law by Franklin D. Roosevelt in 1935, and the current version of the Act, as amended, encompasses several social welfare and social insurance programs.
The average monthly Social Security benefit for December 2019 was $1,382. The total cost of the Social Security program for the year 2019 was $1.059 trillion or about 5 percent of U.S. GDP for 2019.
Social Security is funded primarily through payroll taxes called Federal Insurance Contributions Act tax (FICA) or Self Employed Contributions Act Tax (SECA). Wage and salary earnings in covered employment, up to an amount specifically determined by law (see tax rate table below), are subject to the Social Security payroll tax. Wage and salary earnings above this amount are not taxed. In 2021, the maximum amount of taxable earnings is $142,800.
Social Security is nearly universal, with 94 percent of individuals in paid employment in the United States working in covered employment. However, about 6.6 million state and local government workers in the United States, or 28 percent of all state and local workers, are not covered by Social Security but rather pension plans operated at the state or local level.
Social Security payroll taxes are collected by the Internal Revenue Service (IRS) and are formally entrusted to the Federal Old-Age and Survivors Insurance (OASI) Trust Fund and the Federal Disability Insurance (DI) Trust Fund, the two Social Security Trust Funds. Social Security revenues exceeded expenditures between 1983 and 2009 which increased trust fund balances. The retirement of the large baby-boom generation, however, will lower balances. Without legislative changes, trust fund reserves are projected to be depleted in the years 2034 and 2065 for the OASI and DI funds, respectively. Should depletion occur, incoming payroll tax and other revenue would only be sufficient to pay 76 percent of OASI benefits starting in 2035 and 92 percent of DI benefits starting in 2065.
With few exceptions, all legal residents working in the United States now have an individual Social Security Number.
referencePosted on 06 Dec 2024, this text provides information on Miscellaneous in Medical related to Medical. Please note that while accuracy is prioritized, the data presented might not be entirely correct or up-to-date. This information is offered for general knowledge and informational purposes only, and should not be considered as a substitute for professional advice.
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