Author: Martin S. Feldstein
Publisher:
ISBN:
Category : Social security taxes
Languages : en
Pages : 76
Book Description
The social security payroll tax has become the largest tax paid by the majority of American households. Although, the statutory marginal social security tax rate is the same for all those with wage and salary income up to the maximum level, the complex rules linking social security taxes and subsequent benefits imply that the net marginal social security tax on individual earnings varies substantially among individuals. For some taxpayers, the net marginal social security tax is equal to the statutory rate, while for other taxpayers the combined effect of the tax and the resulting benefits implies a very much lower net marginal tax rate or even a negative marginal tax rate when the incremental benefits exceed the additional taxes.
Social Security Rules and Marginal Tax Rates
Marginal Tax Rates, Social Security Wealth, and Personal Saving
Author: Timothy P. Roth
Publisher:
ISBN:
Category : Income tax
Languages : en
Pages : 32
Book Description
Publisher:
ISBN:
Category : Income tax
Languages : en
Pages : 32
Book Description
Social security rules and marginal tax rates
Average Marginal Tax Rates from Social Security and the Individual Income Tax
Author: Robert J. Barro
Publisher:
ISBN:
Category :
Languages : en
Pages : 20
Book Description
We extend previous estimates of the average marginal tax rate from the federal individual income tax to include social security quot;contributions.quot; The social security tax is a flat-rate levy on labor earnings (and income from self-employment) up to a ceiling value of earnings. Our computations consider first, the tax rates on employers, employees and the self-employed; second the amounts of income that accrue to persons with earnings below the ceiling; and third, the effective deductibility of employer's social security contributions from workers' taxable income. We find that the net impact of social security on the average marginal tax rate is below .02 until 1966, but than rises to .03 in 1968, .04 in 1973, .05 in 1974,and .06 in 1979. Thus, since 1965, the overall average marginal tax rate rises more rapidly than that from the income tax alone. In 1980 this overall rate is 36%. We note that, in comparison with the income tax, the social security levy generates 3-4 times as much revenue per unit of contribution to the average marginal tax rate. The social security tax is relatively quot;efficientquot; because first, it is a flat-rate tax (rather than a graduated one) for earnings below the ceiling, and second, there is a zero marginal tax rate at the top. However, the last feature has become less important in recent years. The rapid increase in the ceiling on earnings raised the fraction of total salaries and wages accruing to persons with earnings below the ceiling from 29% in 1965 to 68% in 1982.
Publisher:
ISBN:
Category :
Languages : en
Pages : 20
Book Description
We extend previous estimates of the average marginal tax rate from the federal individual income tax to include social security quot;contributions.quot; The social security tax is a flat-rate levy on labor earnings (and income from self-employment) up to a ceiling value of earnings. Our computations consider first, the tax rates on employers, employees and the self-employed; second the amounts of income that accrue to persons with earnings below the ceiling; and third, the effective deductibility of employer's social security contributions from workers' taxable income. We find that the net impact of social security on the average marginal tax rate is below .02 until 1966, but than rises to .03 in 1968, .04 in 1973, .05 in 1974,and .06 in 1979. Thus, since 1965, the overall average marginal tax rate rises more rapidly than that from the income tax alone. In 1980 this overall rate is 36%. We note that, in comparison with the income tax, the social security levy generates 3-4 times as much revenue per unit of contribution to the average marginal tax rate. The social security tax is relatively quot;efficientquot; because first, it is a flat-rate tax (rather than a graduated one) for earnings below the ceiling, and second, there is a zero marginal tax rate at the top. However, the last feature has become less important in recent years. The rapid increase in the ceiling on earnings raised the fraction of total salaries and wages accruing to persons with earnings below the ceiling from 29% in 1965 to 68% in 1982.
Retooling Social Security for the 21st Century
Author: C. Eugene Steuerle
Publisher: The Urban Insitute
ISBN: 9780877666028
Category : Political Science
Languages : en
Pages : 358
Book Description
Study of the Social Security debate arguing that Social Security needs reform and offering a blueprint for implementing them to meet today's and tomorrow's needs.
Publisher: The Urban Insitute
ISBN: 9780877666028
Category : Political Science
Languages : en
Pages : 358
Book Description
Study of the Social Security debate arguing that Social Security needs reform and offering a blueprint for implementing them to meet today's and tomorrow's needs.
Taxation of Social Security Benefits
Author: United States. Congress. Senate. Committee on Finance
Publisher:
ISBN:
Category : Business & Economics
Languages : en
Pages : 120
Book Description
Publisher:
ISBN:
Category : Business & Economics
Languages : en
Pages : 120
Book Description
Tax Rates and Work Incentives in the Social Security Disability Insurance Program
Author: Hilary Williamson Hoynes
Publisher:
ISBN:
Category : Disability insurance
Languages : en
Pages : 56
Book Description
Publisher:
ISBN:
Category : Disability insurance
Languages : en
Pages : 56
Book Description
Self-employment Tax
SOCIAL SECURITY MADE SIMPLE
Author: Mike Piper
Publisher: Simple Subjects
ISBN: 9780997946512
Category : Business & Economics
Languages : en
Pages : 130
Book Description
Find all of the following, explained in plain-English: How your Social Security retirement benefits, spousal benefits, and widow/widower benefits are calculated How your benefits are affected if you have a government pension or if you continue working while claiming Social Security How to decide when is the best age for you (and your spouse, if you're married) to claim Social Security in order to get the most out of your benefits Whether or not it makes sense to take Social Security early in order to invest the money How to check your earnings record on the Social Security Administration's website to make sure you're getting the full benefit you deserve How Social Security benefits are taxed and how this affects retirement tax planning Please note that this book does not cover Social Security disability benefits or Supplemental Security Income (SSI).
Publisher: Simple Subjects
ISBN: 9780997946512
Category : Business & Economics
Languages : en
Pages : 130
Book Description
Find all of the following, explained in plain-English: How your Social Security retirement benefits, spousal benefits, and widow/widower benefits are calculated How your benefits are affected if you have a government pension or if you continue working while claiming Social Security How to decide when is the best age for you (and your spouse, if you're married) to claim Social Security in order to get the most out of your benefits Whether or not it makes sense to take Social Security early in order to invest the money How to check your earnings record on the Social Security Administration's website to make sure you're getting the full benefit you deserve How Social Security benefits are taxed and how this affects retirement tax planning Please note that this book does not cover Social Security disability benefits or Supplemental Security Income (SSI).
Understanding SSI (Supplemental Security Income)
Author:
Publisher: DIANE Publishing
ISBN: 078814555X
Category : Social security
Languages : en
Pages : 65
Book Description
This publication informs advocates & others in interested agencies & organizations about supplemental security income (SSI) eligibility requirements & processes. It will assist you in helping people apply for, establish eligibility for, & continue to receive SSI benefits for as long as they remain eligible. This publication can also be used as a training manual & as a reference tool. Discusses those who are blind or disabled, living arrangements, overpayments, the appeals process, application process, eligibility requirements, SSI resources, documents you will need when you apply, work incentives, & much more.
Publisher: DIANE Publishing
ISBN: 078814555X
Category : Social security
Languages : en
Pages : 65
Book Description
This publication informs advocates & others in interested agencies & organizations about supplemental security income (SSI) eligibility requirements & processes. It will assist you in helping people apply for, establish eligibility for, & continue to receive SSI benefits for as long as they remain eligible. This publication can also be used as a training manual & as a reference tool. Discusses those who are blind or disabled, living arrangements, overpayments, the appeals process, application process, eligibility requirements, SSI resources, documents you will need when you apply, work incentives, & much more.