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  2. What is Social Security and how does it work? - AOL

    www.aol.com/finance/social-security-does...

    Social Security is funded with a payroll tax on workers and their employers. You pay tax on your earnings up to $168,600 (in 2024), and the rate varies depending on your employment status:

  3. Social Security: Imbalance Between Taxes Paid vs ... - AOL

    www.aol.com/social-security-imbalance-between...

    The basic idea behind Social Security retirement benefits is that you’ll spend your working years paying into the system through payroll or self-employment taxes, and the money you pay in will ...

  4. Social Security Administration - Wikipedia

    en.wikipedia.org/wiki/Social_Security_Administration

    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 ...

  5. How much can I earn and still receive Social Security? - AOL

    www.aol.com/finance/receive-social-security-same...

    Almost 50 million Americans were receiving Social Security retirement payments as of June 2023 with an average monthly benefit of $1,837, according to the Social Security Administration (SSA ...

  6. Social Security (United States) - Wikipedia

    en.wikipedia.org/wiki/Social_Security_(United...

    Wage and salary earnings from covered employment, up to an amount determined by law (see tax rate table), are subject to the Social Security payroll tax. Wage and salary earnings above this amount are not taxed. In 2023, the maximum amount of taxable earnings is $160,200.

  7. Social Security Trust Fund - Wikipedia

    en.wikipedia.org/wiki/Social_Security_Trust_Fund

    The Social Security Administration collects payroll taxes and uses the money collected to pay Old-Age, Survivors, and Disability Insurance benefits by way of trust funds. When the program runs a surplus, the excess funds increase the value of the Trust Fund. As of 2021, the Trust Fund contained (or alternatively, was owed) $2.908 trillion. [4]

  8. Social Security Wage Base - Wikipedia

    en.wikipedia.org/wiki/Social_Security_Wage_Base

    Maximum Social Security Employee Share Maximum Social Security Employer Share Maximum Total Contribution to Social Security 2024: $168,600: 5.2%: $10,453.20: $10,453.20: $20,906.40 2023: $160,200: 9.0%: $9,932.40: $9,932.40: $19,864.80 2022: $147,000: 2.9%: $9,114.00: $9,114.00: $18,228.00 2021: $142,800: 3.7%: $8,853.60: $8,853.60: $17,707.20 ...

  9. Medicare and Social Security funding: FICA taxes and trust ...

    www.aol.com/finance/medicare-social-security...

    This cap means that high-income earners don’t pay Social Security tax on any income that surpasses the limit. Medicare tax : Another 1.45 percent is deducted from both your paycheck and your ...

  10. Social Security Works - Wikipedia

    en.wikipedia.org/wiki/Social_Security_Works

    Social Security Works. Social Security Works is an American political advocacy group that calls for expansion of Social Security. [1] [2] It has over a million members [3] and promotes health care as a human right. [4] Social Security Works seeks lower drug prices. [5]

  11. 3 Things To Know About Social Security Payments If You’ve ...

    www.aol.com/3-things-know-social-security...

    If you’ve ever gotten a paycheck, you probably noticed that some of it went toward Social Security taxes. Currently, 6.2% of your pay is deducted for Social Security taxes on yearly earnings up ...