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 »

What Forms do you Need to File Taxes for Social Security?

Social security income is reported on lines 20a and 20b of Internal Revenue Service (IRS) Form 1040 or on lines 14a and 14b of Form 1040A. You report your total benefit and the taxable amount.Filin... Read More »

Is Social Security counted for IRS taxes?

Your Social Security benefits may be subject to federal income tax, depending on your other income during the year. However, as of 2010, you will not have to pay taxes on more than 85 percent of yo... Read More »

Do you pay taxes on Social Security disability?

Yes, Social Security disability benefits are taxable. You must pay taxes if your total income is greater than $25,000 if you file a federal tax return individually or if you file a joint return, th... Read More »