Tag: social security

June 27, 2022

How the Social Security Tax Works The Social Security tax, also known as the “Old-Age, Survivors, and Disability Insurance (OASDI) tax,” funds the Social Security program in the United States. As of September 2021, more than 65 million people were […]

August 25, 2021

Social Security and Medicare are federal programs that provide income and health insurance to qualifying populations, mostly older Americans and the disabled. Beneficiaries of both programs have been severely impacted by the COVID-19 pandemic. As of Aug. 21, 2021, 22.3% […]

July 30, 2021

The estimated average Social Security disability benefit for a disabled worker receiving Social Security Disability Insurance (SSDI) is $1,280.42 per month, according to the June 2021 figures from the Social Security Administration (SSA).1 These benefits are based on average lifetime […]

July 20, 2021

FICA (Federal Insurance Contributions Act) is a federal payroll tax on the paychecks of employees, as well as mandated contributions from employers to fund the Social Security and Medicare programs. Both employees and employers are responsible for paying 6.2% of […]

January 26, 2021

Indexed universal life (IUL) insurance policies can help you to build wealth while leaving behind a death benefit for your loved ones. These policies put a portion of the policyholder’s premium payments toward annual renewable term insurance with the remainder […]

May 20, 2020

The US Court of Appeals for the Second Circuit upheld a ruling Monday that logs of visitors to the White House and President Donald Trump’s Mar-a-Lago resort in Florida are exempt from Freedom of Information Act (FOIA) requests. The three-judge […]

January 2, 2020

The current Social Security system in the United States operates in a pay-as-you-go framework, which is administered by the federal government. Social Security taxes paid by today’s workers enter into the general fund and are immediately used to pay current […]

November 19, 2018

To determine who is eligible for various Social Security benefits, the Social Security Administration (SSA) uses a system of credits that establish whether minimum work requirements have been met. Typically, the number of credits required in order to be eligible […]

October 12, 2018

Several civil rights organizations filed a lawsuit Thursday against Georgia Secretary of State and Republican nominee for governor Brian Kemp to stop enforcement of HB268, an election law that has placed a hold on over 50,000 registered voters. HB268 has […]

October 11, 2018

The Social Security program was established in 1935 to provide retirement income to certain workers. It was later expanded to cover most of the U.S. workforce. Like many large, complex federal programs, it doesn’t get much love: Retirees, politicians and […]

August 21, 2018

Social Security benefits may be affected by a variety of factors, but your earned income is one of the most important. Your benefits in retirement are largely dependent on the wages you received while working, since the Social Security taxes […]

May 2, 2018

What is a ‘Payroll Tax’ A payroll tax is a tax that an employer withholds from an employee’s salary and pays on behalf of his employees. The payroll tax is based on the wage or salary of the employee. In […]

September 12, 2016

Millions of Americans, specifically Baby Boomers, are anxiously counting down the days until their 66th birthday. That’s because 66 is the U.S. full retirement age for Boomers born between 1946 and 1954. This is the age when U.S. workers are […]

July 13, 2016

Some people have to pay federal income taxes on the Social Security benefit they receive. Typically, this occurs only when individuals receive benefits and have other substantial sources of income from wages, self-employment, interest, dividends and/or other taxable income that […]

July 7, 2016

Nine out of ten individuals age 65 and over receive Social Security income – which accounts for half or more of their income for 53% of married couples and 74% of the unmarried. The federal government makes this benefit available […]