What would you like to do?

How did the social security act pay for pensions for retired Americans?

already exists.

Would you like to merge this question into it?

already exists as an alternate of this question.

Would you like to make it the primary and merge this question into it?

exists and is an alternate of .

The social security act payed for the pensions for retired Americans with payroll tax.
PAYROLL TAX- A tax that removes money directly from workers' paychecks.
Employers were required to make matching contributions.
P.S. - this was written by an eight grade boy, if you didnt know this, its very sad
1 person found this useful
Thanks for the feedback!

Will your pension check reduce your Social Security benefits before full retirement age?

No. Only earned income is counted toward the $14,160 annual cap and still allow you to receive full benefits between the ages of 62 and the year in which you achieve the full

Do you pay taxes on Social Security when retired?

The answer depends on your individual circumstances. If you are retired and Social Security benefits are your only source of income, you may file, but generally will not be

Do pensions effect Social Security?

Yes it is very possible that the amount of pension income could cause some of your SSB to become taxable income on your 1040 income tax return.

Do you pay tax on Social Security benefits after retirement?

If you are retired and Social Security benefits are your only source of income, you will need to file, but generally will not be taxed. If you received income from sources oth

Do you pay Social Security taxes after retirement?

Yes, unfortunately this is the case. It's a pro-rated amount after your AGI exceeds a certain threshold. The generally increased per year so you can check the IRS web page or