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What determines the dollar amount of a retired employee's monthly Social Security check?
The number of fiscal quarters the employee worked during his or her lifetime and the amount of money the employee contributed to the Social Security Trust Fund
When collecting social security and still working they still take social security out of your pay where does the money go?
To the same place that it was going before you started receiving your SSB. To the trust fund.
What is required by law for each individual social security account?
employers and employees both have to contribute equal amounts of money into the Social Security Trust Fund
Do Employers and employees both have to contribute equal amounts o money into the Social Security Trust Fund?
Yes that is correct.
What is the role of the social security act today?
Social Security pays retirement, disability, and survivor benefits.
Was President Lyndon B Johnson the first President to borrow money from the Social Security Bank?
No, President Lyndon B. Johnson was not the first president to borrow money from the Social Security Trust Fund. Presidents before him, including Franklin D. Roosevelt and Harry S. Truman, had also borrowed from the trust fund to finance government expenditures. Borrowing from the Social Security Trust Fund has been a common practice by several presidents since its establishment in 1935.
When did congress authorize borrowing from social security?
This practice began in 1937 with the creation of the Social Security system during Franklin D. Roosevelt's administration. That first year the government paid $2 million in interest on money it borrowed from the retirement trust fund
Where is all the social security money being spent and on what or shall I say whos pocket is it going in..........?
The Social Security Trust Fund is used to pay benefits to eligible individuals. The remainder is invested in Treasury bonds.
What determines a dollar amount of a retired employee's month social security check?
The number of fiscal quarters the employee worked during his or her lifetime and the amount of money the employee contributed to the Social Security Trust Fund
When you die what happens to my social security contribution My mom worked for 35 yrs and she passed away. She contribute as well as her employer Where is all that money where does it go?
The contributions remain in the Social Security trust fund to be paid to other beneficiaries.
What information is tracked by the federal government through a Social Security number?
The number of quarters (three-month periods) an employee has worked and the amount of money an employee has contributed to the Social Security Trust Fund. Social Security numbers are also linked to Medicare and some other services provided by the federal government.
Who contributes money to the social trust fund?
Most people who works for wages must pay a special FICA tax which is matched by the employers and this money goes into the social security trust fund. Self-employed people must pay both their share and the employers share. Some professions are not required to pay. The trust fund is completely invested in US treasury bonds and the interest on the bonds also goes into the fund. The money for the interest comes from the general federal funds collected from income tax and other aplus> both employees and employers
