Social Security (United States)

In the United States, Social Security is the term for the federal Old-Age, Survivors, and Disability Insurance (OASDI) program. That program is run by the Social Security Administration.Social Security Administration, Social Insurance Programs, retrieved November 1, 2016. The original Social Security Act was signed into law by President Franklin D. Roosevelt in 1935.Social Security Act of 1935  The current version of the Act, as amended,[42 USC 7]  involves many social welfare and social insurance programs.

Social Security gets its money through payroll taxes. Those taxes are called Federal Insurance Contributions Act tax (FICA) or Self Employed Contributions Act Tax (SECA). Tax deposits are collected by the Internal Revenue Service (IRS). Almost all salaried income, up to an certain amount set by law (see tax rate table below), is taxed by the Social Security payroll tax. All income over the set amount is not taxed. In 2019, the maximum amount of taxable money is $132,900.

In 2017, Social Security spent $806.7 billion for OASDI and $145.8 billion for DI.A SUMMARY OF THE 2018 ANNUAL REPORTS, Social Security and Medicare Boards of Trustees

History
Historical Social Security Tax RatesMaximum Salary FICA or SECA taxes paid onYearMaximumEarningstaxedOASDITax rateMedicareTax Rate YearMaximumEarningstaxedOASDITax rateMedicareTax Rate19373,0002%—197817,70010.1%2.0%19383,0002%—197922,90010.16%2.1%19393,0002%—198025,90010.16%2.1%19403,0002%—198129,70010.7%2.6%19413,0002%—198232,40010.8%2.6%19423,0002%—198335,70010.8%2.6%19433,0002%—198437,80011.4%2.6%19443,0002%—198539,60011.4%2.7%19453,0002%—198642,00011.4%2.9%19463,0002%—198743,80011.4%2.9%19473,0002%—198845,00012.12%2.9%19483,0002%—198948,00012.12%2.9%19493,0002%—199051,30012.4%2.9%19503,0003%—199153,40012.4%2.9%19513,6003%—199255,50012.4%2.9%19523,6003%—199357,60012.4%2.9%19533,6003%—199460,60012.4%2.9%19543,6004%—199561,20012.4%2.9%19554,2004%—199662,70012.4%2.9%19564,2004%—199765,40012.4%2.9%19574,2004.5%—199868,40012.4%2.9%19584,2004.5%—199972,60012.4%2.9%19594,8005%—200076,20012.4%2.9%19604,8006%—200180,40012.4%2.9%19614,8006%—200284,90012.4%2.9%19624,8006.25%—200387,00012.4%2.9%19634,8007.25%—200487,90012.4%2.9%19644,8007.25%—200590,00012.4%2.9%19654,8007.25%—200694,20012.4%2.9%19666,6007.7%0.7%200797,50012.4%2.9%19676,6007.8%1.0%2008102,00012.4%2.9%19687,8007.6%1.2%2009106,80012.4%2.9%19697,8008.4%1.2%2010106,80012.4%2.9%19707,8008.4%1.2%2011106,80010.4%2.9%19717,8009.2%1.2%2012110,10010.4%2.9%19729,0009.2%1.2%2013113,70012.4%2.9%197310,8009.7%2.0%2014117,00012.4%2.9%197413,2009.9%1.8%2015118,50012.4%2.9%197514,1009.9%1.8%2016118,50012.4%2.9%197615,3009.9%1.8%2017127,20012.4%2.9%197716,5009.9%1.8%2018128,40012.4%2.9%Notes:Tax rate is the sum of the OASDI and Medicare rate for employers and workers.In 2011 and 2012, the OASDI tax rate on workers was set temporarily to 4.2%while the employers OASDI rate remained at 6.2% giving 10.4% total rate.Medicare taxes of 2.9% now (2013) have no taxable income ceiling.Sources: Social Security Administration

A limited form of the Social Security program started during President Franklin D. Roosevelt's first term. It started using "social insurance" to help during the Great Depression of the 1930s.

References

Other websites
 Old-Age, Survivors, and Disability Insurance ("OASDI')
 Social Security Administration
 Social Security Advisory Board
 Social Security Retirement Questions FAQ
 Duties of Social Security Disability Attorneys
 Social Security Internet Myths part 1, Social Security Internet Myths part 2
 Congressional Budget Office: Social Security Primer (2001)
 US Government Accountability Office, Social Security Reform: Answers to Key Questions
 Social Security Act of 1935
 Social Security Amendments of 1983
 Calculators
 Social Security benefit calculators
 Urban Institute's USA TODAY Lifetime Social Security and Medicare Benefits Calculator 
 More information
 Commission to Strengthen Social Security
 Social Security Advisory Board
 President's Commission to Strengthen Social Security
 75th Anniversary of Social Security at the Franklin D. Roosevelt Presidential Museum and Library
 TimeLines of US SSI Numbers  (Years Numbers States)
 Social Security Death Index Information
 Articles

 Social Security: Major Decisions in the House and Senate Since 1935  Congressional Research Service (2016)
 Social Security's Financial Outlook and Reforms: An Independent Evaluation, Jagadeesh Gokhale, member of the Social Security Advisory Board advising Congress and the President
 Time Archives  A Collection regarding Social Security's progression and perception over time

Category:Social security
Category:Taxation in the United States