Social Security works like this- when you work, you pay Social Security taxes. Regardless of whether a Social Security Number (SSN) is fake or otherwise, if a worker uses an SSN to work, they and their employer are paying a Social Security tax.
Social Security Taxes:
- 12.4% if you are self employed
- 6.2% if you are employed and 6.2% remaining is paid by your employer
The money from these taxes are used to pay:
• Retirement Benefits
• Spousal Benefits
• Spousal Benefits for those who care for a child or children
• Benefits for minor children of retirees
• Benefits for disabled children of retirees (regardless of age)
• Spousal Benefits for Divorced Couples
• Survivor Benefits
• Divorced Survivor Benefits
• Survivor Benefits to Minor Children
• Survivor Benefits to Disabled Children (regardless of age)
• Parental Benefits
• Disability Benefits (based on determination by the SSA)
There are two Social Security trusts, Old Age and Survivors Insurance Fund(OASI) and the Disability Insurance Fund (DI).
Your taxes are used to pay benefits to people who are obtaining benefits now. Any money not used goes directly to the Social Security Trust Fund and not to an account with your name on it.
More information regarding Social Security Retirement benefits can be found here. If you are looking for information regarding Social Security Disability more details can be found on our site. You can also find more information about SSA on their website.
Keep in mind that HelpWith.Com is available for research and assistance with eligibility, application, and maintenance of Social Security benefits. Contact us for more information on our services.