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
Yes that is correct.
employers and employees both have to contribute equal amounts of money into the Social Security Trust Fund
The contributions remain in the Social Security trust fund to be paid to other beneficiaries.
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
To the same place that it was going before you started receiving your SSB. To the 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
Social Security pays retirement, disability, and survivor benefits.
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.
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
The Social Security Trust Fund is used to pay benefits to eligible individuals. The remainder is invested in Treasury bonds.
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
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.