Younger workers pay for social security benefits to retired workers through payroll taxes. A portion of their wages is deducted and paid into the Social Security trust fund. These funds are then used to pay benefits to current retirees. When the younger workers themselves retire, the next generation of workers will contribute to their benefits.
Poland Polish workers are required to pay 37% of their wages to social security.
Yes, they do.
They can but that person's Railroad Retirement is going to be reduced. Here is a link to the Railroad Retirement Board's website that explains all the details about Railroad Retirement and Social Security Benefits. The tier I portion of a railroad retirement annuity is based on both railroad retirement and nonrailroad social security credits acquired by an employee and reflects what social security would pay if railroad work were covered by social security. Tier I benefits are, therefore, reduced by the amount of any actual social security benefit paid on the basis of nonrailroad employment, in order to prevent a duplication of benefits based on the same earnings. .
the social security taxes you pay provide benefits for workers who have already retired. ======= There might not be enough younger workers if populations are declining or the younger workers may not earn enough to support themselves and pay the promised benefits to the older workers as the economy declines.
Undocumented or illegal aliens are unable to collect social security income even though they may have paid Social Security out of their pay checks. Also, undocumented aliens are unable to receive social security cards.
The Internal Revenue Service (IRS) is tasked with the responsibility for collecting most federal taxes, including the Social Security taxes. Social Security taxes are deposited into the United States Treasury and credit is given to the appropriate Social Security Trust Fund. The Social Security Administration (SSA) administers the Social Security programs and distributes the benefits to eligible recipients.
A few public employees do not pay FICA/Medicare, but that number is decreasing.
The Social Security Administration collects taxes from workers to pay benefits and living expenses for the dependents and survivors of deceased workers.
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