1. Some claimants choose not to pursue their claim by filing an appeal after their case has been denied. In effect, they accept their denial notice as the final word on their claim. Pursuing the claim through the appeals process will stand a fairly high chance of eventually being approved. Filing the first appeal will get the case processed as a request for … [Read more...]
Are Social Security Disability Benefits Taxable?
The simple answer to this is that Social Security disability benefits are taxable. However, you "may or may not" have to pay tax on your disability benefits. Social Security issues a miscellaneous SSA 1099 for disability benefits paid each year. The two potential types of Social Security disability benefits that are taxable are: A) Monthly disability benefit payments … [Read more...]
How Social Security Is Financed
Social Security is largely a pay-as-you-go program. Most of the payroll taxes collected from today's workers are used to pay benefits to today's recipients. In 2017, the Old-Age and Survivors Insurance and Disability Insurance Trust Funds collected $996.6 billion in revenues. Of that amount, 87.7% was from payroll tax contributions and reimbursements from the … [Read more...]
Supplemental Security Income (SSI) Recipients Between 1974 and 2017
The Supplemental Security Income (SSI) program provides income support to needy persons aged 65 or older, blind or disabled adults, and blind or disabled children. Eligibility requirements and federal payment standards are nationally uniform. SSI replaced the former federal/state adult assistance programs in the 50 states and the District of … [Read more...]
Earnings in Covered Employment
Earnings in Covered Employment, 1937–2017: People contribute to Social Security through payroll taxes or self-employment taxes, as required by the Federal Insurance Contributions Act (FICA) and the Self-Employment Contributions Act (SECA). The maximum taxable amount is updated annually on the basis of increases in the average wage. Of the 174 million … [Read more...]
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