123ArticleOnline Logo
Welcome to 123ArticleOnline.com!
ALL >> Legal >> View Article

Social Security In Focus

Profile Picture
By Author: Jinky C. Mesias
Total Articles: 32
Comment this article
Facebook ShareTwitter ShareGoogle+ ShareTwitter Share

Just what is Social Security? Social Security is an agency directed to provide benefits that would act as a safety net for all citizens covered by it. Social Security is not only concerned with retirement benefits for its members alone but also covers those who are disabled, dependent for support upon members of Social Security, widow and widower, a child of a member or a beneficiary of a member who died but who is entitled to receive a benefit. However, the benefits to be given depend on whether you satisfy all the requirements set by the Social Security.

The Social Security operates in this manner: would-be members are required to work and to pay their Social Security contributions. And when they retire the Social Security provide them with their retirement benefits. Likewise, in cases wherein members became disabled they are also entitled to receive disability benefits. Not only that, their spouse and their children are also to receive monthly benefits.

All of you must be wondering just how much you are to pay in order to receive all the aforementioned benefits. There is a standard set by the Social ...
... Security for which members are to follow. For members who are employed, 6.2% of your wages is with held; your employer is also to share 6.2% matching contributions. Your employer is tasked of depositing the withholding for your social security benefits. And also there is an additional 1.45% withheld from your wages and also a 1.45% matching contribution from your employer. The additional deductions from your wages are intended to cover your Medicare Benefits. The total deduction of Social Security from your wages is 7.65%.

The deduction is different for self-employed individuals. Self-employed members are asked to pay 15.3% contributions out from their taxable income. The 15.3% contribution covers both the Medicare as well as other Social Security Benefits. The 15.3% is required up to the first $87,900 of income and a 2.9% is required for earnings above $87,900. If we are to analyze the scenario we can plainly see that members who are self-employed tend to pay a much higher contributions compared to those employed members. The reason for this is that self-employed members can deduct half of their federal self-employment taxes from their total income when they are to pay their federal income tax.

For question regarding your contributions, Social Security has a hotline which you may try to contact or you may visit Social Security Offices in your area.

For suggestions and comments kindly visit
Los Angeles Social Security Disability Attorney

About the Author Jinky C. Mesias is a graduate of Bachelor of Arts and Sciences in Business Administration Major in Business Management. She is at present an Associate Manager of a Life Insurance Corporation and a freelance writer.

Total Views: 106Word Count: 463See All articles From Author

Add Comment

Legal Articles

1. Exploring The Benefits Of Working With A Truck Accident Lawyer And Personal Injury Lawyer
Author: Louis Berk

2. Understanding The Benefits Of Choosing A Private Limited Company Structure In India
Author: Ahlawat and Associates

3. Locating Hard-to-find Respondents For Civil Process Serving
Author: ramcivilprocessservices

4. A Comprehensive Guide To Judgment Recovery Collection
Author: Noam Cohen

5. Understanding The Significance Of Timely Civil Process Serving
Author: ramcivilprocessservices

6. Breaking Barriers: The Rise Of Female Lawyers In Delhi's Legal Landscape
Author: Aman Singh

7. Court Marriage Lawyer In Nepal: Your Expert Guide To Navigating Legal Procedures
Author: nepallegalservice

8. The Power Of Skip Tracing Why It's Crucial And How We Can Help
Author: ramcivilprocessservices

9. Why Professional Civil Process Serving Matters
Author: ramcivilprocessservices

10. Understand Multifaceted Purposes Of Police Clearance Certificate
Author: Hardik Shah

11. Sponsor Licence Cooling-off Periods: Navigating The Re-application Process
Author: The SmartMove2UK

12. Your Guide To Navigating Workers' Compensation Attorney Services In Nj
Author: blognerdzone

13. Gjel Accident Attorneys
Author: Andy Gillin

14. Navigating The Insurance Claim Process In Food Delivery Accidents
Author: magerparuas

15. Full Service Law Firm Nj - Innovative Solutions For Legal Challenges
Author: mikewalson

Login To Account
Login Email:
Forgot Password?
New User?
Sign Up Newsletter
Email Address: