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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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Social Security Tax News
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Social Security Tax Tips For Shoreline And Lake Forest Park Residents Patch.com
Kansas City StarSocial Security Tax Tips For Shoreline and Lake Forest Park ResidentsPatch.comTax Time is right around the corner. If you haven39t filed your tax return yet, now is the time. However, before you begin, you should make sure you have everything you need. Are Social Security benefits taxable They are sometimes.E. Thomas McClanahan Payroll tax break shows the need for real Social Kansas City StarSocial InsecurityCBS NewsWeighing benefits of early retirementPhiladelphia InquirerHuffington Post blogall 13 news articles raquo

SOCIAL SECURITY: Watch Out For Scams During Tax Season Lufkin Daily News
SOCIAL SECURITY: Watch out for scams during tax seasonLufkin Daily NewsIf you receive Social Security or Supplemental Security Income benefits or if you have a relative or friend who depends on these checks, be aware of these too good to be true deals anytime, but particularly during federal income tax filing season.and more raquo

Need Free Income Tax Help WinstonSalem Journal
Lexington Herald LeaderNeed free income tax helpWinston Salem JournalYou don39t need an appointment for these free tax assistance sites in Winston Salem, offered through the Volunteer Income Tax Assistance service. But you will need to bring these items: picture ID, last year39s tax returns, Social Security cards or Help with your taxes is availableRedlands Daily FactsTax rituals begin again season off to fast startArizona RepublicMoves to lower your tax billBaltimore SunRecord Searchlight Opelousas Daily World Patch.comall 179 news articles raquo

Itaposs A Good Thing Itaposs A Leap Year Fox News Blog
Washington ExaminerIt39s a Good Thing It39s a Leap YearFox News blogThe main debate centers around whether Congress should pay for the tax cut and if so, how. The federal government slaps a tax on the paychecks of workers to help fund Social Security. Of the three primary, government entitlement programs, Senate Democrats ready backup plan on payroll tax billReutersall 35 news articles raquo

Some Tax Changes To Know Stockton Record
Some tax changes to knowStockton RecordCertain changes, such as the creeping up of the standard deduction, will be apparent when you fill out your tax forms. The maximum 2011 liability for your Social Security is 4485.60. Make sure your employers have not withheld more than that.and more raquo

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Facts of Law covering the social security tax laws

Facts of Law - Social Security Tax Law