Taxes

Your Contributions Make Our Nation Stronger

March 27, 2017 • By

Reading Time: 2 Minutes

Last Updated: March 27, 2017

man & woman reading on the couchAt 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.

By law, employers must withhold Social Security taxes from a worker’s paycheck. While usually referred to as “Social Security taxes” on an employee’s pay statement, sometimes the deduction is labeled as “FICA” which stands for Federal Insurance Contributions Act, a reference to the original Social Security Act. In some cases, you will see “OASDI” which stands for Old Age Survivors Disability Insurance.

The taxes you pay now translate to a lifetime of protection — for retirement in old age or in the event of disability. And when you die, your family (or future family) may be able to receive survivors benefits based on your work as well.

Because you may be a long way from retirement, you might have a tough time seeing the value of benefit payments that could be many decades in the future. But keep in mind that the Social Security taxes you’re paying can provide valuable disability or survivors benefits now in the event the unexpected happens. Studies show that of today’s 20-year-olds, about one in four will become disabled, and about one in eight will die, before reaching retirement.

Be warned: if an employer offers to pay you “under the table,” you should refuse. It’s against the law. They may try to sell it as a benefit to you since you get a few extra dollars in your pay. But you’re really only allowing the employer to cheat you out of your Social Security credits.

If you’d like to learn a little more about Social Security and exactly what you’re building up for yourself by paying Social Security taxes, take a look at our online booklet, How You Earn Credits, at www.socialsecurity.gov/pubs/10072.html.

If you have a friend who lost a parent when they were a child, they probably got Social Security survivors benefits. Social Security helps by providing income for the families of workers who die. In fact, 98 of every 100 children could get benefits if a working parent dies. And Social Security pays more benefits to children than any other federal program. You can learn more at www.socialsecurity.gov/survivors.

Do you prefer videos to reading? Check out webinar, “Social Security 101: What’s in it for me?” The webinar explains what you need to know about Social Security. You can find it at www.socialsecurity.gov/multimedia/webinars/social_security_101.html as well as on YouTube at  www.youtube.com/watch?v=5hkLaBiavqQ.

You can also learn more at www.socialsecurity.gov.

 

Did you find this Information helpful?

Yes
No
Thanks for your feedback!

Tags: , , ,

See Comments

About the Author

Jim Borland, Acting Deputy Commissioner for Communications

Jim Borland, Acting Deputy Commissioner for Communications

Comments

  1. Enid B.

    Did you understand these truths on CBD OIL and Full Spectrum CBD Hemp Oil? Cannabinoids are separated from hemp utilizing supercritical CO2 extraction. Thanks to modern-day technology, the resulting solution is tidy, complimentary of unnecessary waxes and heavy metals, naturally present in the plant, and the sucked liquid has a normal, oily consistency. CBD oil consists of cannabidiol as a base component and may consist of only trace amounts of tetrahydroxycannabidiol (THC). Functions as a memory enhancer, improving concentration and coordination of movements, getting rid of inflammation and reoccurring infections. It improves the conduction of stimuli in the course of autoimmune diseases (numerous sclerosis, amyotrophic sclerosis). It is advised by medical professionals and pharmacists as an antioxidant and compound that obstructs the action of proinflammatory cytokines (proteins), e.g. in Crohn’s illness or ulcerative intestinal tract. RSO oil has a low CBD material, while high THC. Naturally, the key job of RSO is to cause a psychoactive effect, although it can likewise promote “sick” brain structures. It deserves understanding that supplements of this type is mostly utilized by people to whom basic treatment does not bring relief in health problem. The synergistic (enhancing) action of CBD and THC relative to each other is used here. When used separately, both cannabinoids can do much more together than. In addition, they collectively stimulate the division of non-active afferent neuron, nurture the fatty envelope of the nerves, and avoid myelin swelling that causes loss of function in some autoimmune illness. There are also stories where cannabis in its natural kind softened spasticity, reduced the frequency of convulsions and seizures, and reduced unpleasant scrapie in Parkinson’s disease. This is where the concept of getting RSO, meant only for chronically ill people, originated . Both marijuana oil type CBD and RSO also include other cannabinoids, such as cannabichromene (CBC) and cannabigerol (CBG). The secret is not, however, that CBD frequently has a structure expanded to include flavones, flavonoids, terpenes, terpenoids, amino acids and omega acids. The difference is mostly due to motives guiding mankind to use one or the other product. CBD medical marijuana oil is a rather advantageous blend of cannabinoids, developed to secure against 21st century illness. It’s best to utilize all of these compounds together, as nature developed them and enclosed in cannabis inflorescences. It turns out that cannabidiol boosts the results of cannabichromene (CBC) and cannabigerol (CBG), and flavones or flavonoids improve the absorption of these compounds. Omega-6 and omega-3 highly nurture the body and do not allow to change, which speed up the aging procedure of the organism and enhance the development of cancer. Oil of cannabis in a kind of pastime APR includes little amounts of CBD, balanced by the existence of THC. – Modern clinical research study reveals that CBD + THC cope with serious autoimmune diseases, while CBC or CBG reveal minimal activity in the existence of both compounds, just like flavones, terpenes or flavonoids, for that reason their content in the solution appears to be unneeded. In addition, the marijuana pressure from which THC and CBD are obtained include minimal quantities of other cannabinoids. Cannabis oil has actually currently marked a new period in which guy ceased to fear what is unidentified, and began to rediscover what our ancestors had actually already seen and utilize the significant potential, initially look, a little strange relationships, associated mainly with pathology. Medical marijuana, contrary to its name, does not suggest fermented female inflorescences and leaves containing psychoactive compounds coiled in so-called “Joints”, but a beneficial oil without psychedelic THC. A standard individual, after taking doses of medical cannabis and accomplishing the suitable state of cannabinoids in the blood, can enjoy increased immunity, decreased vulnerability to cancer, postponed aging and decreased danger of stroke or heart attack. CBD oil includes cannabidiol as a base ingredient and might consist of only trace amounts of tetrahydroxycannabidiol (THC). RSO oil has a low CBD content, while high THC. Both cannabis oil type CBD and RSO also include other cannabinoids, such as cannabichromene (CBC) and cannabigerol (CBG). CBD medical marijuana oil is a rather beneficial blend of cannabinoids, developed to secure versus 21st century illness. Oil of cannabis in a kind of pastime APR contains little quantities of CBD, balanced by the presence of THC.

    http://www.dlllejkk.edu

  2. JOHN I.

    Could you please send me the form W-4V to my mailing address. John Ian Wallace 1743 Ferry Aly. Apt# 4 Eugene Oregon 97401 Thank you …

    • Vonda V.

      Hi John, thanks for using our blog. You can download form W-4V or call the IRS toll-free at 1-800-829-3676 and ask for Form W-4V. After completing the form, please mail it to your local Social Security office. Use our Social Security Office Locator to obtain your local office mailing address.

  3. Mo O.

    My husband waited on the phone 800-772-1213 today 7-15-20 about 25 minutes and was told, after Jennifer answered, that she cannot help him on the phone to change his withholding taxes from his social security check. But that we needed to go online to the social security website and download Form W4V, fill in out and mail it or take it in to SS office.
    After the call, I looked up the website and finally found a place that has forms to download; however, it states that Form W4V is not available online & we would have to call 800-772-1213 for help!! We will eventually have to just go into the SS office & fill it out, I’m sure. I saw others had commented that they cannot locate that form online, as well. Seems as if the agents on the 800 line are not aware that this form is not available online. It wastes a lot of time for people on both ends. Thank you.

    • Vonda V.

      Hi Mo, sorry to hear about the difficulties you are having with Social Security. You can download Form W-4V or call the IRS toll-free at 1-800-829-3676 and ask for Form W-4V. Complete, sign and return the form to your local Social Security office by mail. Use our Social Security Office Locator to obtain your local office mailing address. We hope this helps!

  4. Mary T.

    You are our government at work but not for elderly and poor! I called to see if I can have a larger deduction taken from my (contract) part time wages and was told I should find the form on the internet. I am not computer savvy and at 73 find this difficult, but tried anyway. Still cannot find anything! Is the U.S. only for the young and rich? Shame on those who make these rules. Surely your office has the time to send one form!

  5. Debbie

    Can not find the w4V form

  6. Serafin A.

    been advised to have IRS tax my SS entitlements taxed to reduce my tax rate
    please advise how to proceed

  7. Julayne O.

    I have the same question as many others – where do I find the W4V form to print off?

  8. Nancy C.

    I need to print a copy form W-4v, I can not find the form on your list of forms please give me a way to find this form

  9. nancy c.

    I need to have W4V form

  10. Cynthia H.

    I want to print out the w4v form but I can’t find it.

Comments are closed.