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Generally, the term social security describes a program that uses public funds to provide a degree of economic security for the public.
In the United States, Social Security is primarily the Old-Age, Survivors, and Disability Insurance (OASDI) federal program.[1] The original Social Security Act (1935)[2] and the current version of the Act, as amended,[3] encompass several social welfare and social insurance programs. Social Security is funded through payroll taxes called Federal Insurance Contributions Act tax (FICA) and/or Self Employed Contributions Act Tax (SECA). Tax deposits are collected by the Internal Revenue Service (IRS) and are formally entrusted to the Federal Old-Age and Survivors Insurance Trust Fund, the Federal Disability Insurance Trust Fund, the Federal Hospital Insurance Trust Fund, or the Federal Supplementary Medical Insurance Trust Fund which make up the Social Security Trust Funds.[4] With a few exceptions, all salaried income, up to a specifically determined amount by law (see tax rate table below) has an FICA and/or SECA tax collected on it. All income over said amount is not taxed, for2014 the maximum amount of taxable earnings is $117,000.[5]
With few exceptions, all legal residents working in the United States now have an individual Social Security number. Indeed nearly all working (and many non-working) residents since Social Security's1935 inception have had a Social Security number, because it is required to do a wide range of things including paying the IRS and getting a job.
In2013, the total Social Security expenditures were $1.3 trillion,8.4% of the $16.3 trillion GNP (2013) and37% of the Federal expenditures of $3.684 trillion.[6][7] Income derived from Social Security is currently estimated to keep roughly20% of all Americans, age65 or older, above the Federally defined poverty level.[8] The Social Security Administration is headquartered in Woodlawn, Maryland, just west of Baltimore.
The welfare measures adopted in the form of providing a degree of economic security for the worker and the public at large, especially for the lesser privileged class like old age, disabled, survivors of the deceased, minor dependents physically handicapped, minors, education for the lower income and poor, children of all class.
These form part of the Government priority policies and also the active consideration of the Industrial establishments that form part of Industrial relations and Dispute agreements. Various enactments are also there in this respect with the intention of creating a social awareness and security program.
