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What else can I help you with?
Did Social Security withholding go down on payroll checks?
A one-year reduction in Social Security withholding from individuals (not from their employers) was included in the Tax bill that was passed by Congress at the end of 2010. The lost tax income to Social Security will supposedly be paid to the Social Security Trust fund out of general tax revenues.
Will Republicans use funds from social security to fund the tax cut?
There is no evidence to suggest that Republicans intend to use funds from Social Security to fund the tax cut. Social Security operates on its own funding system through payroll taxes and has a separate trust fund specifically designated for it. Any changes to Social Security funding would require separate legislation.
How much money has been taken from social security and put into the general fund?
The Social Security Trust Fund was established in 1939 to receive monies collected for Social Security through payroll taxes. The monies in this fund are managed by the Department of the Treasury; they are not, nor have they ever been, put into the "general operating fund."However, the Social Security Act specifies that the monies in the fund may "be invested in securities backed by the full faith and credit of the Federal government," such as treasury bills, treasury notes, and treasury bonds, as well as special issue bonds. So, essentially, the government can "invest" Social Security funds by lending them to itself, then spending that money on programs not related to Social Security (e.g., defense, foreign aid, education). This has always been the case.During the Johnson administration, Social Security and other Federal programs that operate through trust funds were counted officially in the budget. This did not mean that it was actually part of the general fund, rather that it was finally recorded as part of the budget.
What president borrowed the most from Social Security Trust a Fund?
johnson
Can social security disability benefits be garnished if you have a trust fund at the bank?
no
How do you collapse your social security trust account?
You cannot collapse your Social Security trust account. Social Security is a government-administered program that provides retirement, disability, and survivor benefits to eligible individuals based on their work history and contributions. The funds in your Social Security account are used to pay benefits to current beneficiaries and will be available to you when you become eligible to receive benefits.
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
Can a person on Social Security and Medicaid hold in trust a settlement from an automobile accident?
yes
What was the first year that congress took funds from the social security trust fund?
1987
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 the role of the social security act today?
Social Security pays retirement, disability, and survivor benefits.
