At first, seeing taxes taken out of your paycheck can be a little disappointing. However, you can take pride in knowing you’re making an important impact each week when you contribute to Social Security. Understanding how important your contribution is takes some of the sting away because your taxes are helping millions of Americans — and protecting you and your family for life — as well as wounded warriors, the chronically ill, and disabled. Continue reading
After tax season, take a few minutes to go online and read your Social Security statement. Even if your retirement is 30 or 40 years away, you need to know where you stand now. The Government Accountability Office tells us that nearly a third of households with members ages 55 and up have no retirement savings plan or pension in place—zip. That means Social Security is the only post-retirement pay they’ll get – and the estimated average monthly benefit for retirees (as of 2017) is just $1,360. (See what I mean by “not enough”?) Continue reading
FICA taxes help provide benefits for retirees, disabled people and children. This contribution helps your parents and grandparents have a secure retirement while securing today and tomorrow for you and your future family. Learn more about FICA. Continue reading
Your first job is a landmark occasion. You’re meeting new people, making professional connections, and probably cashing that first paycheck. You might be a little surprised when you see a portion of your earnings go to a tax called “FICA” for the Federal Insurance Contributions Act. This deduction goes to Social Security and is your way of helping us secure your today and tomorrow. It’s our job to keep the safety net of Social Security strong through your incremental contributions. Continue reading
We’re with you through life’s journey, putting you in control of your finances and future. Social Security has made requesting or replacing your annual Benefit Statement even easier. The Benefit Statement is also known as the SSA-1099 or the SSA-1042S. Now you have the ability to download it anytime and anywhere you want using our online services. There’s no need to visit a field office. Continue reading
Every payday, you have Federal Insurance Contributions Act (FICA) and Self-Employed Contributions Act (SECA) taxes deducted from your paycheck. Nearly all of these contributions are used to pay Social Security benefits to more than 60 million retired, disabled, and widowed workers and their children, as well as to Medicare beneficiaries. A very small amount also helps pay for the work it takes to manage Social Security programs.
Providing Social Security services to the public is a big job. We have fewer than 64,000 employees in offices across the country handling millions of transactions yearly — taking applications, answering questions in person and on the phone, verifying benefit amounts, and reviewing appeals, among other things. The cost of doing these services is less than one penny out of each dollar paid in FICA and SECA taxes, which is a very good value. Continue reading
The filing deadline for tax year 2016 is January 31, 2017. Getting started is easy. Just register for Business Services Online. It’s free, fast, and secure! Simple fill-in pages guide you through each step of entering your W‑2 information for each employee, and providing it to Social Security. The website automatically totals your entries and creates Form W‑3, Transmittal of Wage and Tax Statements. The site also includes fill-in pages for filing Forms W‑2c, Corrected Wage and Tax Statement. Continue reading
Social Security’s Acting Commissioner, Carolyn W. Colvin, likes to tell this amusing story. A colleague’s teenage daughter came home bursting with excitement after receiving her first paycheck. But she had one question about her earnings statement.
“Well, Dad” — she asked him earnestly — “who is this FICA?” Continue reading
Did you know that your Social Security benefits may be taxable?
This includes your monthly retirement, survivor, and disability benefits. About one-third of people receiving Social Security benefits must pay taxes on some of these benefits, depending on the amount of their taxable income. This may happen if you have other significant income in addition to your Social Security benefits.
To find out whether you must pay taxes on your benefits, you will need your Social Security Benefit Statement (Form SSA-1099/1042S). Continue reading
Your future belongs to you. Although retirement may seem far off, life moves quickly, and it’s important to take the right steps now to ensure your financial wellbeing down the road.
To help more Americans prepare for long-term financial security, Social Security and the Department of the Treasury are joining forces to launch Envision a Secure Financial Future. Through this new initiative, you can take advantage of a variety of tools and programs to help prepare your finances for years to come. Continue reading