RMI 3501 Chapter 2: Topic 2 Articles
7 Aug 2016
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Document Summary
Social security old age and survivor insurance program. Social security is an income replacement program designed to provide basic support for former workers and their dependents. Core of the federal government"s social services. For many people, social security exceeds their federal income tax bill. Started as the new deal program in 1935. Three major parts: old age and survivors and disability and medicare. The annual report provides data on each program separately but combines data for retirement and disability programs to show overall numbers. Social security collects taxes from nearly all workers and their employers in the u. s. They pay 6. 2% on earnings below ceiling. To be able to use and get social security, you must be at the retirement age, no longer be able to work and their dependents. The benefits are paid monthly by the social security administration.
