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Facts - Books - News    U.S. Facts Of Law:

Social Security Tax

The Social Security tax, like the Medicare tax, is withheld from an employee's paycheck under the Federal Insurance contributions Act (FICA).  It is combined with the mandated employer contribution and paid directly to the U.S. government.  The tax is assessed at a fixed rate on all income up to an upper limit. 

The Social Security tax is a presumed payment to fund the retirement of an employee.  Since Congress has long since spent the money in the Social Security fund, present workers paying the tax are directly funding the retirement payments of current retirees.  In the near future the number of retirees drawing Social Security payments will far outnumber employees supporting them and unless Congress starts making provisions to solve this problem soon the program will collapse.  There is not much time to act as the deficit in the Social Security system will be in the trillions of dollars.

President Bush attempted to begin solving the problems facing Social Security by opening up some of the mandated payment to personal investment accounts.  Unfortunately, the Democrat controlled Congress would have none of it and the looming system deficit is still fast approaching with no solution in sight.  It is already beyond the ability of the Social Security tax to save the system regardless of the amount of the tax.


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Is Social Security Taxed How Taxes Affect Social Security Money Money Magazine
Money Magazine Is Social Security Taxed How Taxes Affect Social Security Money Money Magazine If you39re already drawing Social Security or if you plan to start doing so in the near future you might be wondering: Is Social Security taxed Tax experts say it39s an important question, especially because many Baby Boomers who are currently Does Your State Tax Social all 2 news articles raquo

Are My Social Security Benefits Taxable How To Understand Form SSA1099 And De...
CBN News Are My Social Security Benefits Taxable How to Understand Form SSA 1099 and Determine Whether You Owe Taxes CBN News Social Security is generally considered a tax free benefit, but that is not always the case. Depending on the amount of alternate income that you have in retirement and your filing status, you could owe taxes on up to 85 of your Social Security and more raquo

Opinion: Reform Tax On Social Security Benefits Opinion: Reform tax on Social Security benefits Our state has an opportunity to fix that this year and restore fairness to Social Security taxes in Vermont without breaking the bank. Working and retired Vermonters have already paid into Social Security as a tax on their paycheck do we need to tax

Retire Here To Get The Most Out Of Your Social Security Check CNBC
CNBC Retire here to get the most out of your Social Security check CNBC Favorable climes and beautiful vistas should only be a couple of the reasons why you39d want to retire overseas. Lower costs of living and friendly tax treatment for Social Security also count. and more raquo

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Facts of Law covering the social security tax laws

Facts of Law - Social Security Tax Law