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- Social_Security_(United_States) abstract "In the United States, Social Security is primarily the Old-Age, Survivors, and Disability Insurance (OASDI) federal program.The original Social Security Act (1935) and the current version of the Act, as amended, encompass several social welfare and social insurance programs. Social Security is funded through payroll taxes called Federal Insurance Contributions Act tax (FICA) and/or Self Employed Contributions Act Tax (SECA). Tax deposits are collected by the Internal Revenue Service (IRS) and are formally entrusted to the Federal Old-Age and Survivors Insurance Trust Fund, the Federal Disability Insurance Trust Fund, the Federal Hospital Insurance Trust Fund, or the Federal Supplementary Medical Insurance Trust Fund which comprise the Social Security Trust Funds. With a few exceptions, all salaried income, up to a specifically determined amount by law (see tax rate table below) has an FICA and/or SECA tax collected on it. All income over said amount is not taxed, for 2014 the maximum amount of taxable earnings is $117,000. With few exceptions all legal residents working in the United States now have an individual Social Security number. Indeed nearly all working (and many non-working) residents since Social Security's 1935 inception have had a Social Security number since it is required to do a wide range of things from paying the IRS to getting a job.In 2013, the total Social Security expenditures were $1.3 trillion, 8.4% of the $16.3 trillion GNP (2013) and 37% of the Federal expenditures of $3.684 trillion. Income derived from Social Security is currently estimated to keep roughly 20% of all Americans, age 65 or older, above the Federally defined poverty level. The Social Security Administration is headquartered in Woodlawn, Maryland, just west of Baltimore.".
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- Social_Security_(United_States) wikiPageID "48728".
- Social_Security_(United_States) wikiPageRevisionID "605153400".
- Social_Security_(United_States) hasPhotoCollection Social_Security_(United_States).
- Social_Security_(United_States) sign "Michael Tanner".
- Social_Security_(United_States) text "...the vast majority of the money you pay in Social Security taxes is not invested in anything. Instead, the money you pay into the system is used to pay benefits to those "early investors" who are retired today. When you retire, you will have to rely on the next generation of workers behind you to pay the taxes that will finance your benefits. As with Ponzi’s scheme, this turns out to be a very good deal for those who got in early. The very first Social Security recipient, Ida Mae Fuller of Vermont, paid just $44 in Social Security taxes, but the long-lived Mrs. Fuller collected $20,993 in benefits. Such high returns were possible because there were many workers paying into the system and only a few retirees taking benefits out of it. In 1950, for instance, there were 16 workers supporting every retiree. Today, there are just over three. By around 2030, we will be down to just two. As with Ponzi’s scheme, when the number of new contributors dries up, it will become impossible to continue to pay the promised benefits. Those early windfall returns are long gone. When today’s young workers retire, they will receive returns far below what private investments could provide.".
- Social_Security_(United_States) subject Category:Social_Security_(United_States).
- Social_Security_(United_States) subject Category:Taxation_in_the_United_States.
- Social_Security_(United_States) comment "In the United States, Social Security is primarily the Old-Age, Survivors, and Disability Insurance (OASDI) federal program.The original Social Security Act (1935) and the current version of the Act, as amended, encompass several social welfare and social insurance programs. Social Security is funded through payroll taxes called Federal Insurance Contributions Act tax (FICA) and/or Self Employed Contributions Act Tax (SECA).".
- Social_Security_(United_States) label "Seguridad Social (Estados Unidos)".
- Social_Security_(United_States) label "Social Security (United States)".
- Social_Security_(United_States) label "Social Security".
- Social_Security_(United_States) label "Sozialversicherung (Vereinigte Staaten)".
- Social_Security_(United_States) sameAs Sozialversicherung_(Vereinigte_Staaten).
- Social_Security_(United_States) sameAs Seguridad_Social_(Estados_Unidos).
- Social_Security_(United_States) sameAs Social_Security.
- Social_Security_(United_States) sameAs m.0d0b8.
- Social_Security_(United_States) sameAs Q13479957.
- Social_Security_(United_States) sameAs Q13479957.
- Social_Security_(United_States) wasDerivedFrom Social_Security_(United_States)?oldid=605153400.
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