What is the purpose of social security taxes?

Answer Social Security benefits are provided to U.S. citizens who are retired, disabled and who are survivors after a death. U.S. workers pay Social Security taxes in order to earn credits that will later... Read More »

Top Q&A For: What is the purpose of social security taxes

What Is the Purpose of Social Security?

Social Security is a form of social insurance to protect individuals from financial hardships. Situations that affect a person's ability to provide for his family include disability, death and reti... Read More »

How to Fix a Social Security Number on Taxes?

Mistakes on taxes are tough to avoid completely. This is especially true if you have complicated returns. Self-employed taxpayers often have complex and involved returns, and staring at tax forms c... Read More »

Does Congress pay Social Security taxes?

According to the AARP website, as of Jan. 1, 1984, all members of Congress pay into the Social Security system. Additionally, all federal employees must pay into Social Security, including the pres... Read More »

Do we pay taxes on Social Security benefits?

You only pay income taxes on Social Security benefits if your total taxable income, including the benefits, exceeds the annual limits. As of 2010, no matter how much income you make, you only pay f... Read More »