Social Security Tax Law

What Everyone Needs to Know

The social security tax law is designed to encourage older Americans to retire, guaranteeing them money when they turn 65. It was originally designed to make retirement easier for older Americans, therefore, opening up more jobs for younger workers by making this path to retirement more accessible. Every American who holds a job has 6.2% of there total wages taken out of their paychecks. Employers are supposed to match an additional 6.2% and the money is collected by the government and tracked. The idea is that this money eventually accumulates enough to the point that when a person turns 65 years old, enough money has been accrued so that the person can retire. These taxes also factor in wage increases that a person may have had throughout the course of their working career.

Social security tax law is tricky in that it relies on a complex formula to tabulate a person’s total earnings over the period of time that they paid into the system. Many people come to find that when they retire that mistakes have been made in these calculations. Over time, these miscalculations can potentially cost an individual taxpayer thousands of dollars. That is why many people look to retain an attorney who handles social security tax law to challenge the government regarding their due benefits. Lawyers who specialize in social security tax law understand these complicated formulas that the government uses and can tell an individual whether they have been shorted on the money that they are owed.

Another important aspect of social security law is the pursuit of disability benefits, if this is an applicable option. Disability benefits are paid to people who are eligible to draw money from their social security earnings before they reach the retirement age due to a physical impairment which prevents them from working in the same capacity as when they were healthy. In some instances, it also allows a widow(er)’s to draw from the benefits of their deceased partner if they are under a certain age and depended upon their spouses’ income as a means for sustaining their livelihood. As with normal social security claims, either prospect can be complex and stressful. A quality professional versed in social security law can make this process easier by exploring all options and helping these individuals get the appropriate funds to sustain a comfortable lifestyle into their retirement years. There are many other variables involve in social security law that should be investigated, especially when retirement approaches so that one can be assured that the benefits that they have paid for their entire working lives are exactly what is restituted to them in their retirement years.

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