(U.S.) Social Security

1. Financial & Investment Dictionary: Social Security

Benefits provided under the Social Security Act (1935), financed by the Social Security Tax authorized by the Federal Insurance Contributors Act (FICA) and administered by the Social Security Administration. Term usually refers to retirement income benefits, but other benefits include Social Security Disability Income Insurance Aid to Families with Dependent Children (AFDC); the Food Stamp program; Unemployment Insurance; Medicare; Medicaid; Public Assistance for the Aged, Blind and Disabled; Veterans' Compensation and Pensions; Housing Subsidies and Public Housing; Nutritional Programs for Children; and Student Aid.

2. Law Encyclopedia: Social Security
(This entry contains information applicable to United States law only.)

The Social Security Program was created by the Social Security Act of 1935 (42 U.S.C.A. § 301 et seq.) to provide old age, survivors, and disability insurance benefits to the workers of the United States and their families. The program, which is administered by the Social Security Administration (SSA), an independent federal agency, was expanded in 1965:

• to include health insurance benefits under the Medicare program and
• to assist the states in establishing unemployment compensation programs.

Unlike welfare, which is financial assistance given to persons who qualify on the basis of need, Social Security benefits are paid to an individual or his family on the basis of that person's employment record and prior contributions to the system.

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3. Business Dictionary: Social Security Tax

The old-age, survivor's, and disability (OASDI) portion of the tax assessed on compensation and self-employment earnings under the Federal Insurance Contributions Act (FICA). The OASDI tax is 12.4% of earnings up to $72,600 (in 1999). An employer is required to withhold one-half of the tax (6.2%) from employee wages and to make a matching contribution of the remaining half. Employer-withheld and matching taxes are deposited at regular intervals with the IRS. Self-employed individuals pay the entire 12.4% tax, which they include with their quarterly estimated income tax payments. See Medicare Tax.

4. Business Dictionary: Medicare Tax

The hospital insurance portion of the tax assessed on compensation and self-employment earnings under the Federal Insurance Contributions Act. The Medicare tax is 2.9% of all earnings. An employer is required to withhold half of the tax (1.45%) from employees' wages and also to make a matching contribution of the other half of the tax. Self-employed individuals include the 2.9% tax with their quarterly Estimated Income Tax Payments.