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Tag Archives: paper statements

Finding Value—and my Social Security—in light of Budget Cuts

Posted on January 9, 2017 by Doug Walker, Deputy Commissioner, Communications

man and woman on computerEvery 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 →

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Posted in Taxes | Tagged benefits, Budget, Congress, continuing resolution, federal taxes, FICA, inflation, medicare taxes, my social security account, paper statements, SECA, Social Security benefits, Social Security statement, tax break, tax deductions, tax filing, tax season, Tax statement | 225 Comments
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