The Social Security Benefits are usually based on averaged total earnings over members working years. Moreover, Social Security makes use of a formula in determining amount of benefits to be given to each of their members. And as a standard rule about 42% of you earning goes to your Social Security Benefits. Such is a small price to pay for a great packaged of future benefits.

The Social Security has already provided 44 million Americans with various Social Security Benefits. The Social Security was created to provide a safety net for all citizens of United States.

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The deduction is different for self-employed individuals. Self-employed members are asked to pay 15.3% contributions out from their taxable income. The 15.3% contribution covers both Medicare as well as other Social Security Benefits. The 15.3% is required up to first $87,900 of income and a 2.9% is required for earnings above $87,900. If we are to analyze scenario we can plainly see that members who are self-employed tend to pay a much higher contributions compared to those employed members. The reason for this is that self-employed members can deduct half of their federal self-employment taxes from their total income when they are to pay their federal income tax.

For question regarding your contributions, Social Security has a hotline which you may try to contact or you may visit Social Security Offices in your area.

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