social security contributions
Mandatory retirement withholdings
Social security contributions are payments made by workers and employers into government programs that provide benefits for retirement, disability, and survivors.
In most countries, these are mandatory payroll deductions, typically split between employee and employer: My paycheck shows social security contributions of about 6%.
The funds finance pensions and other safety-net programs.
- payroll taxesCompulsory deductions from wages
- pay stubEarnings and deductions summary
- paycheck deductionAmount removed from wages
- survivor benefitsPayments to deceased's dependents
- statutory requirementsObligations codified in legislation
unemployment insurance · disability benefits · labor laws · retirement pensions · old age pension · FICA · employer match · healthcare coverage · international agreements · enforcement agencies · safety net · trust fund · legal exemptions · administrative procedures · tax codes · tax brackets · withholding · take-home pay
- Latin American taxesVAT, value added tax, corporate tax, income tax, sales tax
social security contributionspersonal savings
Individually accumulated wealth
social security contributionssocial security benefits
Government retirement income program
social security contributionsprivate investment
Funding outside public markets
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