The Social Security Administration has announced a COLA of 2.5% for 2025, which translates to an average bump of $48 in monthly Social Security benefits and raises the average check for retired workers to $1,968. Social Security recipients should have been mailed an official notice about their ...
Nudging Timely Wage Reporting: Field Experimental Evidence from the United States Social Supplementary Income ProgramWe study a large-scale (n=50,000) natural field experiment implemented by the U.S. Social Security Administration that was aimed at increasing the timely and acZhang, Christina Yiwei...
So high-earners already have their old age benefit capped by the earnings limit, and low-earners have their old age benefit restricted by their employers’ compliance with wage reporting. What about those in the middle? They get to enjoy the phased-in taxation of Social Security! It turn...
There are a few options to verify Social Security numbers for wage reporting purposes. The Social Security Number Verification Service is a free online service that allows registered users to verify that the names and SSNs of hired employees match Social Security’s records. The Consent-Based Soci...
As of March 2019, the Social Security Administration (SSA) resumed sending “no-match” letters to employers. The “no-match” letters are sent when an employer has submitted incomplete information or when an employee’s name and social security number, as reported on wage reporting and tax st...
President Joe Biden and Democrats in Congress are pushing for a national $15 per hour minimum wage. While lawmakers from both sides of the aisle argue about the effects an increase would have on small businesses, the change would no doubt impact Social Security checks down the road. Ben...
Partially, as FICA taxes include Social Security taxes and Medicare taxes. Do you pay FICA taxes if you’re self-employed? Yes, but it's called the Self-Employed Tax and is governed by SECA instead of FICA. The rates and calculations underSECAopens in a new tabare the same as FICA, bu...
To qualify for the maximum Social Security retirement benefit, you'd have to earn the maximum taxable wage per year (that is, make the maximum contribution to Social Security) for at least 35 years[0] Social Security Ad...
Cost-of-Living Adjustments (COLA): Each year, the Social Security Administration may make cost-of-living adjustments to ensure that benefits keep pace with inflation. These adjustments are based on the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W). If a COLA is appr...
China will be reducing its social security contribution rates when the time is appropriate so as to reduce the burden on employees and employers, according to the Ministry of Human Resources and Social Security. The contribution rates accounted for 60-300% of the average wage across China last ...