Social Security encompasses retirement benefits, disability benefits, and is intertwined with Medicare benefits. This guide focuses on Social Security retirement benefits, the most common association of the term Social Security. There are currently more than 50 million people receiving Social Security retirement benefits (i.e., Old Age and Survivor Insurance or OASI).   Social Security Employment Tax While you are working, you and your employer each pay 6.2% (7.65% each including Medicare). Social Security taxes are paid on the first $128,400 of income (2018). Minimum Eligibility Requirements In order to qualify for...

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