what was the purpose of social security when it started
Social Security is designed to provide retirement support for American workers who pay into the system. It is funded through FICA taxes (FICA stands for the Federal Insurance Contributions Act). The Social Security Administration levies a 12.4% tax on earnings (6.2% is paid by you, and 6.2% is paid by your employer) to fund Social Security benefits. There's a good deal of confusion surrounding Social Security and how this vast program works, so let's go over the basics that every American should know.