Social Security Tax Bracket

Easy-to-understand breakdown of one of the hottest political and economic issues in the U.S. today -- The future of Social Security as we know it is in serious question; this book will address all elements of the sweeping changes that are being proposed to the system in Washington even today. -- There is little current competition for this title. Of the ones that do exist, none will be as comprehensive as The Complete Idiot's Guide "RM" to Social Security. -- Should privatization come to pass, and workers are allowed to invest their payroll taxes in the stock market (provided the market grows stronger), what are the long-term risks and ramifications? This book will explain. Why do we pay social security taxes? When and why was social security invented? Who pays social security? Who doesn't? And what's all this about privatizing the social security system and investing it in the stock market? In The Complete Idiot's Guide "RM" to Social Security, author Lita Epstein explains the intricacies and benefits of this government program that was founded in 1935 by President Roosevelt to help out poverty-stricken senior citizens. The author will cover how social security can fund your retirement (at least partially); the requirements one must meet to be eligible for social security; and protecting your benefits. The author will also cover, in depth, the effect privatization of the social security system will mean for millions of baby boomers. Such related topics as Medicare and Medigap will also be covered.

As baby boomers retire over the next three decades, some claim they will break the bank of the Social Security system. These fears of insolvency have generated a wide range of reform proposals, some of which would transform the current program drastically. Robert Eisner, however, argues that many of the proposed reforms would undermine Social Security's continuing success in dramatically alleviating poverty among the elderly. In this clearly written, provocative report, Eisner rejects the most alarmist views about the solvency of Social Security and provides a blueprint for keeping the system strong and fair. He makes the case that projections about the future of the program are overly pessimistic and that, even if borne out, minor adjustments in tax and benefit levels could keep the system functioning effectively. Eisner suggests that the system could be made more efficient and fair by paying benefits out of general income taxes instead of current payroll taxes. Because income taxes are relatively progressive, taxing earnings from sources other than wages, a greater share of Social Security's financing burden would thus be shifted to those who can better afford it. In addition, Eisner proposes supplementing the current system by offering workers the opportunity to make additional tax-deductible Social Security contributions, which would provide them with larger benefits upon retirement. Workers would have the option of directing their supplementary accounts toward an indexed, passively managed stock fund, or Treasury securities paying a somewhat higher rate than those held in the Social Security trust fund. The main purpose of the accounts would be to increase what are currently lowlevels of both national and household savings.

Social Security (United States) - Social Security in the United States is a social insurance program funded through a dedicated payroll tax. It is also known as the Old Age, Survivors and Disability Insurance program (OASDI), in reference to its three components.

Payroll tax - Payroll tax generally refers to a tax which employers are required to withhold from employees' paychecks. In the United States, employers are required to withhold federal income tax, Social Security tax, and Medicare tax.

Tax wedge - The tax wedge is the difference between workers' take home pay and the costs of employing them (taking into account social security contributions and tax).

Federal Insurance Contributions Act tax - Federal Insurance Contributions Act (FICA) tax is a United States employment tax levied in an equal amount on employees and employers to fund federal programs for retirees, disabled, and children of deceased workers. The FICA taxes support Social Security and Medicare.

socialsecuritytaxbracket

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