SSA administers the retirement, survivors, and disabled social insurance programs, which can provide monthly benefits to aged or disabled workers, their spouses and children, and to the survivors of insured workers.
In 2010, more than 54 million Americans received approximately $712 billion in Social Security benefits. The programs are primarily financed by taxes which employers, employees, and the self-insured pay annually.
These revenues are placed into a special trust fund. These programs are collectively known as Retirement, Survivors, and Disability Insurance (RSDI).
The nearly 500 page social security book is split into sixteen chapters plus an index. All the chapters contain clear to see advice on the chapter topic, with side bars, tables, cautions, lists, and extra resources. The group of the book makes it easy to determine the various components best for your own situation or needs. Again, the publication does a very good job of providing basic information regarding the themes within an straightforward way.
The chapters or topics include: Social Security, Basic fundamentals; Social Security Retirement Benefits; SS Disability Benefits; SS Dependents Benefits; SS Survivors Benefits; When you should Claim Social Security Benefits, and What type to say; Supplemental Security Income; Getting Benefits; Appealing a Social Security Decision; Federal Civil Service Retirement Benefits; Veterans Benefits; Medicare; Medicare Procedures: Enrollment, Claims, and Appeals; Medigap Insurance; Medicare Part C: Medicare Advantage Plans; and Medicaid and State Supplements to Medicare.
During working years, the low wage worker is eligible for the Earned Income Tax Credit (FICA refunds) and Federal child credits and may pay little or no FICA tax or Income tax. By Congressional Budget Office (CBO) calculations the lowest income quintile (0 20%) and second quintile (21 40%) of households in the U.S. pay an average income tax of 3% and 6% and Social Security taxes of 3% and 9% respectively. By CBO calculations the household incomes in the first quintile and second quintile have an average Total Federal Tax rate of 0% and 8% respectively. Higher income retirees will have to pay income taxes on 85% of their Social Security benefits and 100% on all other retirement benefits they may have.
In 2010, more than 54 million Americans received approximately $712 billion in Social Security benefits. The programs are primarily financed by taxes which employers, employees, and the self-insured pay annually.
These revenues are placed into a special trust fund. These programs are collectively known as Retirement, Survivors, and Disability Insurance (RSDI).
The nearly 500 page social security book is split into sixteen chapters plus an index. All the chapters contain clear to see advice on the chapter topic, with side bars, tables, cautions, lists, and extra resources. The group of the book makes it easy to determine the various components best for your own situation or needs. Again, the publication does a very good job of providing basic information regarding the themes within an straightforward way.
The chapters or topics include: Social Security, Basic fundamentals; Social Security Retirement Benefits; SS Disability Benefits; SS Dependents Benefits; SS Survivors Benefits; When you should Claim Social Security Benefits, and What type to say; Supplemental Security Income; Getting Benefits; Appealing a Social Security Decision; Federal Civil Service Retirement Benefits; Veterans Benefits; Medicare; Medicare Procedures: Enrollment, Claims, and Appeals; Medigap Insurance; Medicare Part C: Medicare Advantage Plans; and Medicaid and State Supplements to Medicare.
During working years, the low wage worker is eligible for the Earned Income Tax Credit (FICA refunds) and Federal child credits and may pay little or no FICA tax or Income tax. By Congressional Budget Office (CBO) calculations the lowest income quintile (0 20%) and second quintile (21 40%) of households in the U.S. pay an average income tax of 3% and 6% and Social Security taxes of 3% and 9% respectively. By CBO calculations the household incomes in the first quintile and second quintile have an average Total Federal Tax rate of 0% and 8% respectively. Higher income retirees will have to pay income taxes on 85% of their Social Security benefits and 100% on all other retirement benefits they may have.
from SOCIAL SECURITY BENEFITS EXPLAINED - Blog http://ift.tt/1NsD18i
No comments:
Post a Comment