Question

Which step is the first one in the Social Security process? investment payout retirement payroll tax

Answer 1

The correct answer is Retirement.

It is the first step in the social security process.

Government as well as private organisations are legally required to start social security schemes for their workers after retirement.

Senior citizens are provided with pension, gratuity, arrears etc to provide for their financial needs.

Answer 2

Explanation:

• The first one in the Social Security process is payroll tax. The workers and the employer’s together pay up for the social security benefit amount.
• Social security is the economic security provided for the retirees and the family of retirees, disabled workers in the form of monthly monetary assistance.
• Workers pay 6.2%, employers pay 12.4%, and self-employed pay about 12.4%.
• The “social security system” is a pay as you go system where the workers pay taxes while they work to be benefitted in the future as monthly beneficiaries.
• The earliest that an individual can apply for “social security retirement” benefits should be 62 years in America.