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Social Security Contributions

Posted on:10/26/2012
Social Security contributions withheld from wages throughout the period of employment are credited to the worker's earnings account. Thus, the account becomes, in effect, a history of annual earnings.


Social Security contributions withheld from wages throughout the period of employment are credited to the worker's earnings account. Thus, the account becomes, in effect, a history of annual earnings. It is from this record that Social Security will calculate the worker's covered average earnings.

 

Up to a limit that is likely to change from year to year because of inflation or other factors, higher benefits will be payable to those with the highest average earnings. It should be noted, however, that regardless of the amount earned in the working years, the worker is credited only up to the maximum covered earnings.

 

In any year in which the worker earns less than the amount indicated by the following table, the credit will not exceed the actual amount earned. An accurate estimate of individual benefits is best obtained by asking the Social Security office to make the calculation, which will be based on the work record in their file.

 

Family members of fully insured workers receiving retirement benefits may also be eligible for benefits. These are normally calculated as a percentage of the retiree's primary benefit which is defined as the maximum amount payable to the retiree if benefits are started at age 65. However, the total amount of any family may receive is limited to a maximum based on the retired worker's earnings record and calculated from special tables.


  
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