What Is Social Security Tax Used for?

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What Is Social Security Tax Used for? – This is a place for the community to provide tips and advice on What Is Social Security Tax Used for?. This topic was created by Bruno Dard and the tips are provided by the community. The tips you add here can be your own or referred from another site. The best tips are then ranked at the top when up-voted by members of the community.

Tip 1 - Where Your Social Security Taxes Go

Published: 9 years, 3 month(s) ago | Submitted by Patrocks | permalink

If you work, you are probably aware of the Social Security taxes that come out of your paycheck. Since a relatively large portion of your income goes toward this tax, it is important to understand where it actually goes.

For further reading: http://financialplan.about.com/od/taxplanning/a/sstaxesgo.htm ^[1]

Tip 2 - Social Security Tax Definition | Investopedia

Published: 9 years, 3 month(s) ago | Submitted by Ayman Hashem | permalink

The tax levied on both employers and employees used to fund the Social Security program. Social Security tax is usually collected in the form of payroll tax or self-employment tax. The Social Security tax pays for the retirement and disability benefits received by millions of Americans each year.
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For further reading: http://www.investopedia.com/terms/s/social-security-tax.asp ^[2]

Tip 3 - How Today's Social Security Works

Published: 9 years, 3 month(s) ago | Submitted by aylin cesur | permalink

Few people understand how Social Security operates. In many cases, the meanings of terms used (e.g., trust fund) are different from the meanings conveyed when the same terms are used in the privatesector. If Social Security's impending financial problems are to beavoided, informed citizens must measure reform options against theexisting program's operating structure and practices.
Tags: Social Security, ssa, retirement

For further reading: http://www.heritage.org/research/reports/2005/03/how-todays-social-security-works ^[3]