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To fund the Social Security program.
The SS program pays old age and disability pensions to covered workers.
The SS tax has been taking in much more than is needed to cover the costs of the program. The excess has been used for general federal government programs. The federal government has issued itself preferred bonds promising to repay itself the excess when the SS tax begins to take in less than the cost of the SS program. The collection of these bonds is called the "Social Security Trust Fund."
What else can I help you with?
Purpose of the income tax act?
To raise Income Tax.
Who is the person who assigns to property for tax purpose?
tax accessor
What is the purpose of corporate tax?
Corporate tax is the tax paid by companies based on its profit. Its purpose is for government projects like building of roads, public schools, and hospitals.
How can you get Tax Identification Number without SSN?
A tax identification is the same thing as a social security number just for a different purpose. Tax Identification numbers are for businesses, trusts, etc. while SS# are for individuals. To apply for a Tax ID number you must supply your social security number though so they know who is doing this.
What is the purpose of a 1040 tax preparation?
The purpose of a 1040 tax preparation is to ensure that the government gets the proper amount. It could make you qualify for a tax return which means you would get an income tax refund check.
You had a friend that lean you their child ss for filed income tax and do you have to pay them for lean you their child ss?
This is not a very smart thing for either one of you to do. It is also a violation of the income tax laws.
I need my 1099 tax form ?
I need my SS 1099 for 2010
Who is the person who assigns to property for tax purpose?
tax accessor
Purpose of the income tax act?
To raise Income Tax.
What was the purpose on tax on whiskey?
The purpose of the whiskey tax was to help pay off debts to other country's after the war.
What was the purpose of the excise tax on whiskey?
The purpose of the whiskey tax was to help pay off debts to other country's after the war.
Was there a purpose of the stamp tax?
The purpose of the stamp tax was to help pay to support British troops stationed in the American Colonies.
How do you file income tax with your child as a dependent?
On the form you list your dependents and their SS#, where asked.
How much tax do seniors pay on social security?
Depends on the gross income from SS.
What is the purpose of corporate tax?
Corporate tax is the tax paid by companies based on its profit. Its purpose is for government projects like building of roads, public schools, and hospitals.
What is tax management?
what is tax managementTax management means, the management of finances, for the purpose of paying tax.
How can you get Tax Identification Number without SSN?
A tax identification is the same thing as a social security number just for a different purpose. Tax Identification numbers are for businesses, trusts, etc. while SS# are for individuals. To apply for a Tax ID number you must supply your social security number though so they know who is doing this.
