And for young women it is all the
more important to demand equity in the market place and in the benefits and pay
they receive. Women do not receive equal pay for work and they are behind in
all aspects of retirement, including, Social Security Benefits. If a woman
makes less over her lifetime than a man she will received less benefits when it
counts the most, at retirement.
SOCIAL SECURITY: Why young workers should care about Social Security (click here)
Posted: May 20, 2012 12:00 am
Updated: 9:10 am, May 21, 2012.
Updated: 9:10 am, May 21, 2012.
Summer will be here before we know it. That means millions of high school and college students will be searching for jobs. Whether a new worker is beginning the career of a lifetime or just earning some extra money for the school year to come, there is one question that is likely to be on each new worker’s mind when they see their first pay stub: Where’s the rest of my money?
Generally, employers are required to withhold Social Security and Medicare tax from a worker’s paycheck. The amounts you pay in Social Security and Medicare taxes are matched by your employer. Usually the money that is withheld is referred to as “Social Security taxes” on the employee’s payroll statement. Sometimes the deduction is labeled as “FICA taxes,” which stands for Federal Insurance Contributions Act. So let us tell you how that money is being used, and what’s in it for you.
The taxes paid now translate to a lifetime of protection, when you eventually retire or if you become disabled. In the event that you die young, your dependent children and spouse may be able to receive survivors benefits based on your work. Today you probably have family members — grandparents, for example — who already enjoy Social Security benefits that your Social Security taxes help provide....
