Description
GetSocial 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) 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 make up the Social Security Trust Funds.With a few exceptions, all salaried income, up to an amount specifically determined by law (see tax rate table below) has an FICA 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, because it is required to do a wide range of things including paying the IRS and 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.
On February 16, 2015, the Walla Walla Union-Bulletin reported that $100 billion in Social Security payroll taxes is collected from illegal immigrants, even though few will ever be able to collect benefits, according to Stephen Goss, Social Security’s chief actuary.
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