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The United States Social Security Administration (SSA) [2] is an independent agency of the U.S. federal government that administers Social Security, a social insurance program consisting of retirement, disability and survivor benefits. To qualify for most of these benefits, most workers pay Social Security taxes on their earnings; the claimant ...
In the United States, Social Security is the commonly used term for the federal Old-Age, Survivors, and Disability Insurance (OASDI) program and is administered by the Social Security Administration (SSA). [1] The Social Security Act was passed in 1935, [2] and the existing version of the Act, as amended, [3] encompasses several social welfare ...
It is also the maximum amount of covered wages that are taken into account when average earnings are calculated in order to determine a worker's Social Security benefit. In 2020, the Social Security Wage Base was $137,700 and in 2021 was $142,800; the Social Security tax rate was 6.20% paid by the employee and 6.20% paid by the employer. [1][2 ...
The Benefit Statement, also known as the SSA-1099 or the SSA-1042S, is a tax form we mail each year in January to people who receive Social Security benefits. It shows the total amount of benefits ...
Your Social Security statement can also be used as proof of income. This proof may be necessary you apply for a loan, such as a mortgage, or for government assistance, such as subsidized housing ...
Here are five things to keep an eye on: Earnings record: You should see a year-by-year earnings record on your statement that details how much income you earned each year you worked. Double-check ...
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