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The amount of money deducted from your gross salary, supposedly put in a "lock box" for future use as a "retirement benefit" from US Govt. when one reaches the age of 62 or later. The older one is before one begins withdrawing SS, the more one should receive each month, up to your maximum input permanent retirement. If one has been married for at least ten years, gets divorced, the person with the lower SS earnings is able to collect 50% of the other spouse's SS benefits, without reducing the higher earner's benefits until the lower earner remarries. If one is on disability , SS no longer is withdrawn from disability check. One can also receive SS disability , should one qualify. That amount is then deducted from one's company's disability payments, but is no taxable, like income from work disability.

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Q: What is the definition of social security taxes?
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Related questions

Are Social Security taxes taken out before or after taxes?

Social Security (FICA) taxes are withheld from your gross (before tax) salary.


Are social security taxes state taxes?

Social Security is a federal program. It is a federal "tax" not a state tax.


If you are on social security and working does your employer still take out social security taxes?

Yes.


Do you pay Social Security taxes on a settlement check?

No. FICA taxes (Social Security, Medicare, etc) are only paid on earned income.


What percentage of income do employees pay in social security and Medicare taxes?

Social security: 6.2%


Are taxes taken out of social security before you receive it?

are taxes taken out of socisl security checksbefore recievingthem


Do kids pay taxes on social security?

no


What are examples of payroll taxes?

Social Security Taxes, FICA, and medicare are payroll taxes.


Do social security recipents pay social security tax?

Presumably the question is about U.S. Social Security taxes. Social Security taxes (commonly referred to as FICA taxes) are taken out of your earnings each time you receive a paycheck. This rule applies even if the employee is already receiving Social Security benefits. However, by continuing to work, future Social Security benefits may be increased to take into account the additional earnings.


Are medicare and social security taxes included in total taxes paid?

Yes


When getting social security benefit projections are they with or without taxes?

They are without taxes.


What is another name for fica?

Social Security Taxes