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Archive for the ‘Tax Statements’ Category

Size of Income, 1962 and 2006

Median annual income for married couples and nonmarried persons aged 65 or older has increased markedly since 1962 (the earliest year for which data are available). Even after adjusting for inflation, median income has risen 100% for married couples and 111% for nonmarried persons. A married couple is aged 65 or older if the husband is aged 65 or older or if the husband is aged 54 or younger and the wife is 65 or older.

Receipt of Income, 1962 and 2006

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  • SSA paid benefits to about 54.7 million people in 2007
  • Social Security provided at least half the income for 64 percent of the aged in 2006
  • Social Security benefits were awarded to about 4.7 million people in 2007
  • Women accounted for 56 percent of adult Social Security beneficiaries in 2007
  • The average age of disabled-worker beneficiaries was 52.4 in 2007
  • Eighty-four percent of SSI recipients received payments because of disability or blindness in 2007

Annual Statistical Supplement

The Annual Statistical Supplement, 2008 is now available in both and PDF.

The Supplement is a major resource for data on the nation’s social insurance and welfare programs. The majority of the statistical tables present information about programs administered by the Social Security Administration—the Old-Age and Survivors Insurance and Disability Insurance programs, known collectively as Social Security, and the Supplemental Security Income program. In addition, data are presented on the major health care programs—Medicare and Medicaid—and income-maintenance programs. The Supplement also includes program summaries and legislative histories that help users of the data understand these programs.

The next complete edition of the Supplement is expected in December 2009. Subsections will be posted on a flow basis as they become available. Data for the edition currently in progress are preliminary and subject to revision until the edition is complete. Read the rest of this entry »

Part B (Medical Insurance)

Helps Pay For:

Doctors’ services, outpatient hospital care, and some other medical services that Part A doesn’t cover, such as the services of physical and occupational therapists, and some home health care. Part B helps pay for these covered services and supplies when they are medically necessary. Information about your coverage under Medicare Part B can be found in the Your Medicare Coverage database.

Cost:

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Estimates are nearing $1- trillion dollars to overhaul health care with a government funded program. The question for many remains, “who is going to pay for it all.”

Leaders in the House have suggested that those individuals earning more than $250,000 a year and couples with at least $350,000 or more are going to get hammered in tax debt to fund this.

Pelosi (D-San Francisco) suggested that this threshold was too low and needed to be raised to a half million for individuals and $1 million for couples. What are your thoughts? Have we taxed the middle class rich enough or should politicians go for the throat?

How do I make sure my records are accurate?

Each year your employer sends a copy of your W-2 (Wage and Tax Statement) to Social Security. They compare your name and Social Security number on the W-2 with the information in their files. They add the earnings shown on the W-2 to your Social Security record.

It is critical that your name and Social Security number on your Social Security card agree with your employer’s payroll records and W-2 so that they can credit your earnings to your record. It is up to you to make sure that both Social Security’s records and your employer’s records are correct. If your Social Security card is incorrect, contact any Social Security office to make changes. Check your W-2 form to make sure your employer’s record is correct and, if it is not, give your employer the accurate information. Read the rest of this entry »

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