How Many People Pay Into Social Security?

Last week I wrote about how to correct a work record that was missing some employment earnings. It is important for your personal record to be correctly posted. In addition to helping fund current Social Security benefits, your earnings are used to compute your future retirement amount. Through W-2 reporting and self-employment tax information, the…
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Annual Trustees Report For 2015

Yesterday the Social Security Board of Trustees released its annual report for 2015 with the following news release. The full 2015 Trustees Report is at http://www.socialsecurity.gov/OACT/TR/2015/ ### Wednesday, July 22, 2015 – For Immediate Release Social Security Board of Trustees: Trust Fund Reserve Gains One Year for Projected Depletion Date  The Social Security Board of…
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Voluntary Tax Withholding From Social Security Benefits

People filing application to start Social Security benefits often ask if taxes are withheld from their monthly payments. They are not. Taxes are not routinely withheld from Social Security benefits. Especially during this time of year as people pay their Federal income tax, another popular question is whether taxes can voluntarily be withheld from Social…
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Social Security Outperforms America’s Top Websites

Today’s post is mostly from the February 2015 edition of the Social Security newsletter. Read the full newsletter here. Social Security has done it again! Social Security’s websites scored higher in customer satisfaction than those of some of the leading private sector companies in America, according to the ForeSee E-government Satisfaction Index. The Index also…
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Social Security Trust Funds

Discussion about the future of Social Security and the trust funds are often part of my classes. While I cannot predict the legislative future, the Social Security website, www.socialsecurity.gov, has an entire section devoted to the trust funds located in the Solvency section or directly here.  Two separate trust funds exist, with each started to…
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