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Baby Names Social Security
Hereâs A Shortcut To Understand Social Security Tax Rates
Ever want to know how social security tax rates have changed over the years? Let’s start by reviewing how money comes into the social security system.
How Money Goes In
It all starts when a parent submits a social security card application for a social security number for their child. That social security number becomes the identifying criteria for a number of activities, including establishing a 529 College Savings account.
Having obtained a new social security number, then that person must submit their number to his/her employer to be able to receive salary payment.  On date of their first payroll payment from their employer, a person begins paying into the social security system in the United States. If one starts his/her own business, the amount that is required for self-employed persons must be paid to the United States Treasury.
Before we talk about the social security tax rates that are charged on your income, let’s first identify the components of the tax. It consists of three components and one summation element:
OASI = Old-Age and Survivor Insurance
DI = Disability Insurance
HI = Hospital Insurance
OASDI = Old-Age, Survivor, and Disability Insurance
It is hard to believe, but the rate for Old-Age and Survivor Insurance (OASI) started out at one percent (1.0%) in 1937. Note that both the employer AND the employee had to pay that rate, so 2.0% was paid to the government. None of the other components applied at that time. However, the rate that must be paid to the U. S. Treasury has changed significantly over the years. Disability Insurance came into play in 1957 at a rate of 0.25% for each employer and employee. Therefore, the employer and employee paid a total rate paid of 2.25%, made up of 2.0% OASI and 0.25% DI. HI was added in 1966 at 0.35% for the employer and the same for the employee.
A total of 7.65% for 2009 is to be paid each by employer and employee for OASDI and HI, according to the latest table published on the social security website. For the year 2009, the social security tax rates mentioned here are applied on all income one earns up to $106,800.
For those that are self-employed, then one must pay both sides of the rate for a total of 15.3% for OASDI and HI. Can you imagine, it all starts with your social security card application.
How Money Goes Out
The process of social security is truly amazing.  When it began, more people were paying into social security than were receiving benefits. However, that has all changed. You will find in the table below how table of the Social Security Covered Workers compared to Beneficiaries over the years:
Year   == Covered Workers (thousands) == Beneficiaries (thousands) == Ratio
1940Â Â Â ==Â 35,390Â ==Â Â 222Â ==Â 159.4
1950Â Â Â ==Â 48,280Â ==Â Â 2,930Â ==Â 16.3
1960Â Â Â ==Â 72,530Â ==Â 14,262Â ==Â Â 5.1
1970Â Â Â ==Â 93,090Â ==Â 26,168Â ==Â 3.7
1980Â Â Â ==Â 113,655Â ==Â 35,118Â ==Â 3.2
1990Â Â Â ==Â 133,672Â ==Â 39,470Â ==Â 3.4
2000Â Â Â ==Â 155,295Â ==Â 45,166Â ==Â 3.4
2006Â Â Â ==Â 161,852Â ==Â 48,863Â == 3.3
The social security program has expended $10.6 trillion, since it started through the year 2007, based on the social security tax rates shown above. Over that same time period, the program has received $13.0 trillion. An additional strain will be placed on the program based on the fact that more baby boomers are starting to retire, and more money will be required for those additional payments. Â
There has been periods when the program did not take in enough money to pay the current year’s benefits. There has been 11 years when this has occurred, the last period was from 1975 – 1981. During those years, Trust Fund bonds made up the difference.
Here we stand for year 2009 with OASDI at 7.65% for the employer and for the employee.
About the Author
Donald D’Armond is a husband, father, grandfather, Vietnam veteran, 35-year veteran of the energy industry, classic car restorer, licensed professional engineer in State of Texas (inactive), entrepreneur and author. He is the editor of http://www.enjoy-retirement-jobs.com – the guide to finding enjoyable paid or unpaid work after retirement by living your passion. Read more about social security issues at http://www.enjoy-retirement-jobs.com/social-security-adm.html
I got married last April and have not had my social security card changed?
On my bank accounts I use both my maiden and married name, hyphenated like. Do I have to have my SS card changed? How much does it cost? I go to college and have a new baby and haven’t had time.
There is no cost to get your name changed, but you need to take a certified copy of your marriage certificate.
You do not HAVE to get your SSN# changed; however, as you are using a name different than what is on your original SSN#, it not only could cause problems down the line, but definately will cause problems when you look for a new job.
I work with a woman who has been married for 10 years but never changed hers, and it caused a nightmare for her when she was looking for a job and when they went to do a background check and in retrospect, she is sure she was turned down for several lucritive jobs because of the discrepancy. Where we work now, because her SSN# is in her maiden name, that is her official name at work and the one she has to use.
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