How does Social Security Work?
Just about all of us pay Social Security Tax through payroll deductions or Self-Employment Tax, and millions receive Social Security Retirement benefits. But few have a true understanding of how the taxes are collected, and how the benefits are calculated.
This video explains how Social Security is funded, how retirement benefits are calculated, and what can affect those benefits
CORRECTION: At 5:32 "Marvin's" Retirement benefit at age 62 should be $2,189.
To learn more about Self-Employment Tax, click here: • What is Self-Employment Tax (and why do I ...
How Social Security is taxed is explained in this video: • Why is my Social Security taxable?
Additional Information and Resources:
Social Security Administration: https://www.ssa.gov
Additional details about the information presented in this video, plus much more, can be found here.
Investopedia: "How Is Social Security Tax Calculated?" https://www.investopedia.com/ask/answ...
The Wikipedia article on "Social Security (United States)" https://en.wikipedia.org/Social_Secur...) contains extensive information about all aspects of the Social Security System, including the history of the system, how taxes are collected and benefits calculated, all benefits provided, and potential solvency of the system, backed up by dozens of sources.
Image and footage credits:
The Rail Geek
Storyblocks.com
Wikimedia Commons
The image of "Marvin" was generated by thispersondoesnotexist.com (stability.ai) and any resemblance between these images and any person, living or dead, is coincidental and not intentional.
NO OTHER ARTIFICIAL INTELLIGENCE WAS USED TO WRITE, EDIT, ANIMATE, VOICE, OR EDIT THIS VIDEO
Intro Music: "Bluesy Vibes" - Doug Maxwell - YouTube Creator Music
Outro Music: "Modern Attempt" - Track Tribe under license from YouTube Creator Music
DISCLAIMER: This video is for educational and informational purposes only. It is not intended to render tax advice or financial advice for individual situations. If you have questions regarding your particular situation, please consult with a qualified tax or financial professional.