Social Security Income The Social Security Administration (also sometimes known as the “SSA”, “Soc Sec” or “Social Sec”) was created right in the middle of the Great Depression as a part of President Roosevelt’s “New Deal” legislation. It was formed pursuant to the Social Security Act of 1935 and had humble beginnings – only having [...]
Social Security Wages The Social Security wage base is a statutory limit on the amount of income employee earns that Iraq employer must collect Social Security taxes on. Social Security taxes are one half of the Federal Insurance Contributions Act (“FICA”) tax employers see deducted from their pay check every pay period. The other half [...]
Social Sec The Social Security Administration was initially formed in 1935 under the Social Security Act. This landmark piece of legislation was passed in the middle of the Great Depression and was a signature piece of Pres. Franklin D Roosevelt’s “New Deal” legislation. The purpose of Social Security is to provide various general welfare and [...]
Social Security The Social Security Act was created by Congress and signed into law by President Franklin D. Roosevelt in 1935. This landmark legislation was spurned in large part due to the terrible Great Depression and the slow and difficult economic recovery the United States experienced during the 1930s. Under the Social Security Act, the [...]
What Is Social Security? The Social Security Administration was created under the Social Security Act of 1935. The purpose of this landmark piece of legislation was to help all Americans have a minimum amount of retirement and general welfare in the event of unemployment, disability or in times of great poverty. Of course, the Act [...]
SSN The United States Congress passed, and President Franklin Roosevelt signed into law, the Social Security Act in 1935. Following the passage of that act, Social Security numbers (“SSN”) were created as a way to allow the federal government a way to track each individual citizen. Perhaps unintentionally, the SSN has become a fundamental piece [...]
Social Security Tax The Social Security Administration and its attending benefits programs are funded through different types of taxes. In particular a Social Security tax is levied against both employers and employees in the former payroll taxes. These taxes were authorized under the Federal Insurance Contributions Act (FICA taxes on your paycheck stub), and continue [...]
