Social Security in the US is a social insurance program funded by payroll deduction taxes via the Federal Insurance Contributions Act (FICA)
Among other things SS tax helps fund the following
Federal Old Age, Survivors and Disability Insurance
Unemployment Insurance
Temp Assistance to Needy Families
Medicare
Medicaid
State Children's Health Insurance Program (SCHIP) (kind of a hot topic as of late)
SSI - Supplemental Security Income
To pay the Old Age Survivor and Disability Insurance benefits to qualified taxpayers that have worked and had the qualifying earned income and reported the income and paid the social security and medicare tax amounts over the years as taxpayers are required to do.
Social security taxes help pay for the daily costs of an elderly person that has once earned a wage and also any with a disability. It also helps low or no income residents, and military personnel.
Social Security Tax
Social Security Tax
payroll tax
The Social Security tax cap for 2001 was $80,400.
No, the state of Mississippi does not tax Social Security benefits at the state level. Therefore, Social Security income is not subject to Mississippi state income tax.
No. Massachusetts is not one of the fourteen states that tax Social Security benefits.
yes
no im pretty sure you have to be 18 to pay social security tax
Social Security is a federal program. It is a federal "tax" not a state tax.
For 2008, the maximum social security tax withholding for an individual is $6,324, the tax on $102,000. For 2009, the maximum social security tax withholding for an individual is $6,622, the tax on $106,800.
Social security tax
The Social Security tax cap for 2006 was 6.2% of the first $94,200 of wages.