Provides a succinct, comprehensive, and detailed explanation of the federal old-age, survivor's and disability insurance programs under the Social Security Act.The book explains who is covered by the Social Security system, liability for the tax, how a worker acquires "insured status" required for benefit eligibility and the conditions of entitlement to the various kinds of Social Security benefits.
For 2013, the fund balance factor is 50%. There is also a pool cost charge of 0.38% and a fund building charge of 0.20%. For 2013, rates range from 0.68% to 6.78%, including the pool cost and the fund building charges. The new employer rate is 3.08%. In 2013 foreign contractors and delinquent and nonrated employers will pay 6.78% (VEC Communication).