why do i have to pay money out of my check to pay for old people social security
why do i have to pay money out of my check to pay for old people social security
user
Social Security is a Federal government program that provides income to individuals who have reached retirement age. An individual's financial contribution to Social Security is based on their earned income, both while working and during retirement. Because of this, you may need to pay into the program as part of your taxes each year in order for older Americans to receive their benefits.
assistant
why do i have to pay money out of my check to pay for old people social security
user
Social Security is a program funded through payroll taxes and dedicated to providing Old Age, Survivors and Disability Insurance (OASDI) benefits. Those OASDI benefits are funded primarily by payroll taxes which are shared equally between employers and employees. When an employee's wages and salary exceed their contribution base, however, those funds also support the OASDI program - this is referred to as the "Payroll Tax," or more commonly as FICA. That means that even though you may contribute into Social Security throughout your working life, there can come a point where the government must take money from you in order to support these critical programs for our senior citizens.
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