What is the average rate paid for Social Security SSI?

Answer According to the United States Social Security Administration Office of Retirement and Disability Policy, the average monthly SSI federally administered payment for May 2010 was $498.60. This amou... Read More »

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Is Social Security paid tax deductible?

Paid Social Security taxes are not tax deductible unless you are self-employed. If you are self-employed, you can deduct half of the self-employment taxes that you pay, which includes your Social S... Read More »

How are social security benefits paid out?

You first become eligible for reduced Social Security benefits when you reach 62 years of age. Your full benefit may become available at age 65 or older (depending on the year you were born). Each ... Read More »

How much income tax is paid on social security?

Individuals who work for an employer are taxed at a rate of 6.2 percent for social security taxes and self-employed workers pay 12.4 percent as of 2009. Income over $106,800 is nontaxable for all w... Read More »

What is the tax rate for Social Security?

The Social Security tax rate is 12.4 percent; however, the employee is only required to pay 6.2 percent of this amount. The employer must match the remaining 6.2 percent. Self-employed individuals ... Read More »