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.^[1] The original Social Security Act was signed into law by President Franklin D. Roosevelt in 1935.^[2] The current version of the Act, as amended,^[3] 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.^[4]

In 2017, Social Security spent $806.7 billion for OASDI and $145.8 billion for DI.^[5]

1. ↑ Social Security Administration, Social Insurance Programs, retrieved November 1, 2016.
2. ↑ Social Security Act of 1935 "Legislative History 1935 Social Security Act". Retrieved November 8, 2006.
3. ↑ [42 USC 7] "US Code—Title 42—The Public Health and Welfare". Archived from the original on October 12, 2006. Retrieved November 8, 2006.
4. ↑ United States Social Security Administration. "Contribution and Benefit Base".
5. ↑ A SUMMARY OF THE 2018 ANNUAL REPORTS, Social Security and Medicare Boards of Trustees