Web Definition: Social Security
Social Security is a social welfare program administered by the Social Security Administration under the authority of the United States federal government. Child support enforcement & establishment of paternity. Federal, State & local government employees retirement systems. Hospital & medical insurance for the aged & disabled. Railroad retirement, sickness & unemployment insurance. Services for maternal & child health & child welfare. A limited form of the Social Security program began as measure to implement social insurance, during the administration of Franklin Delano Roosevelt, in 1935 as part of the New Deal. Congress subsequently expanded the program in 1939 & again during the 1950s into what is now known as Social Security. Benefits are funded via a Social Security Payroll tax. This tax is 6,2% of an employees income paid directly by the employer & 6,2% deducted from the employees paycheck, yielding an effective rate of 12,4% of an employees income. Self-employed people are responsible for the entire tax.
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Social Security In The Free Online Encyclopedia
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