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Tuesday, May 15, 2018
State pensions in the USA
In the United States, employers and employees both contribute to the social security system, which is a federal retirement programme, in the form of a tax based on an employee’s income. The tax is paid pursuant to the Federal Insurance Contributions Act (known as the FICA tax) in the form of a payroll tax. The current FICA tax rate is 15.3% of an employee’s income, with the employer and the employee each paying 50% of the tax (7.65% each). However, the employee’s annual contribution is capped when his or her income reaches a certain amount that is adjusted annually (for 2017, this amount is $127,200). Employees who meet certain eligibility criteria (such as meeting a retirement age requirement – generally 65 years) are entitled to life annuities at retirement age, based on compensation earned during their working lives that was subject to the social security (FICA) tax. All 50 states do not offer state pension systems.
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