...The United States Social Security System is often considered a political football, frequently debated on whether the government should continue to manage it or should it be privatized. Either way, in today’s economy, it’s vital to the welfare of many. The main purpose of the system is to provide benefits to America’s workers and their families for retirement, disability, and early death. (Unknown Social Security ProCon) According to the data collected in the 2000 census, “Social Security is the main source of income for men and women 65 and older.” (Hartmann, Lee Highbeam) This finding proves people have become to depend on the government for this benefit, and for a multitude of reasons are not saving enough money to live on once they retire. This increases the need to fund the system in a sustainable fashion. As a country, we must find a solution that meets the needs of its retired citizens and provides benefits for them. While the media depicts privatization or government run as the only viable options, a blend of the two is what will best sustain the system going forward. In 1935, the United States passed the Social Security Act. This act was part of President Franklin Delano Roosevelt’s New Deal program. The New Deal program enabled two types of social insurance tracks to be created. The first piece at the federal and state level was created to provide unemployment benefits and the second to provide monetary benefits for retired people sixty-five and older. Additional...
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...with Rampage Chapter 14. I want the reader to understand the pro and cons of using privatizing Social Security. 2. What was the most challenging part of writing this paper, and why? Explain. For me it was sitting down and gathering my thoughts. I had a trying schedule with work and needed that time to myself to make it happen. I do have an opinion and I find it difficult to put them aside and argue both sides. 3. What do you see as the strengths of the paper, and what would you try to do if you were to revise it some more? The strength of my paper I feel is that it gives legit and strong facts of the pros and cons of the topic. If I could tweak it some more it would be to not personalize it as much. 4. What is not a part of your paper that you think might help a reader understand or appreciate it more? What didn't you put in? Are there certain events or feelings or memories that led you to write on this topic or to take this approach? What kind of feedback or response would you like from your reader? I think this essay will definitely bring to light the future of social security. I think that individuals don’t know that they could lose their money if they do not take the time to learn the benefits of the programs to include privatization. Jabari Williams Professor Houston English 102 25 January 2011 Social Security-Privatize or Not? Should Social security be privatized? In order to understand if it is good for the masses, you must understand what...
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...December 2014 Social Security and its Deficits In 1935, after bank failures and a stock market crash had wiped out the savings of millions of Americans, the nation turned to their president to guarantee the elderly a decent income. In those days, only a handful of workers had access to pensions from their employers or through State governmental pension programs. Over half of America's elderly lacked sufficient income to be self-supporting. The Social Security Act was enacted at the urging of President Franklin D. Roosevelt to create a social insurance program that ensures workers would have a source of income after they retired. (ssa.gov, n.d.) In the decades that have followed, Social Security has become one of the federal government's most popular and essential programs. Despite all our efforts to encourage savings and investment, the private retirement picture has not changed much in recent decades. Even today, barely half of all workers have access to retirement plans at work, and millions reach retirement age without enough private savings to provide an adequate living in retirement. Social Security is still the foundation for most seniors' retirement. Without this critical safety-net program, over half of all older Americans would fall into poverty. Social Security does exactly what it was designed to do. It gives retired people a secure, basic income for as long as they live. At the end of 2005, more than 48 million people were receiving Social Security benefits: 33 million...
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...[pic]Skip to search. • [pic]Hi, Deirdre o You are signed in as: deirdred3 o Profile o Account Info o Sign Out • Help Get new Yahoo! Mail apps • Notifications Help • Mail1 • My Y! • Yahoo! Yahoo! Finance Top of Form |Search [pic] |Search Web | [pic] Bottom of Form Breaking News Visit Yahoo! News for the latest. ×Close this window • HOME • INVESTING o Market Overview o Market Stats o Stocks o Mutual Funds o ETFs o Bonds o Options o Industries o Currencies o Education o Commodities • NEWS o Markets o Investing Ideas o Special Editions o Company Finances o RSS Feeds o Video o Photos & Interactives • PERSONAL FINANCE • MY PORTFOLIOS o My First Portfolio o View All Portfolios o Create Portfolio o Market Tracker • EXCLUSIVES o Breakout o The Daily Ticker o The Exchange o Unexpected Returns o Financially Fit o Just Explain It o Hot Stock Minute • CNBC o Big Data Download o Off the Cuff o Talking Numbers o Latest Headlines • Career & Education • Insurance • Lifestyle • Loans • Real Estate ...
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...|16500 |26000 |9500 | |2007 |16500 |30000 |12000 | |2008 |20100 |35000 |18000 | |2009 |25000 |38500 |24000 | |2010 |26500 |42000 |30000 | Pastor built his own home in 2008 and there was no mortgage on the house. He has promised you that if make him clean with the IRS, he will guarantee you a place in heaven. Law and Analysis: Publication 517 Social Security and Other Information for Members of the Clergy and Religious Workers Ministerial Services Ministerial service, in general, is the service you perform in the exercise of your ministry, in the exercise of your duties as required by your religious order, or in the exercise of your profession as a Christian Science practitioner or reader. Income you receive for performing ministerial services is subject to SE tax unless you have an exemption as explained later. Even if you have an exemption, only the income you receive for...
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...fact, become adults with a disability. A Special Needs trust is a way for parents or caregivers to set aside money for the future care of their loved one living with a disability while protecting government benefits (Supplemental Security Income and Medicaid) that are crucial in providing the medical and income necessary to supporting the individual. These trusts are supposed to supplement the benefits a disabled person receives from the government — paying for additional services or equipment not otherwise covered — but not to supplant them (Sullivan, 2010). The government does offer medical and financial assistance to adults with special needs through programs such as Medicaid and Supplemental Security Income to offset the high costs of care. However these programs provide the bear minimum. Medicare is a health insurance program for U.S. citizens at least 65 years old, or those aged younger than 65 years who suffer from certain disabilities. This program was developed on July 30, 1965 when U.S. President Lyndon B. Johnson passed the Medicare Benefit legislation as an amendment to the Social Security Legislation (History of Medicare – A Quick Look at How it Got Started | The Medicare & Medicaid Center, n.d.). Supplemental Security Income (SSI) benefits for the low income and disabled were first introduced during in 1974 when the House of...
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...grow it determines how much you’ll have at retirement. I bring this to your attention because the new Obama administration is making a lot of noise about the 401ks, IRAs, SEPs and other pension funds you now own. They want to roll all of them into something called a GRA – government retirement account. These newly elected politicians have the same thought theology that created the Department of Energy to free us from dependence on foreign oil (that’s working isn’t it?) and the Department of Education to make our kids smarter (our students rank in the top 80% of the world, right?). Oh, lest I forget, the war on drugs. That’s another marvelous program brought to you by the same intellectual thinkers. Social Security Not Really A Worry For everyone who is wondering if social security will be there for them when they retire, quit worrying. It isn’t there today. The government melded the SS funds into the general account so as to make the deficit look smaller than it really was. I’ll let you guess the name of the president who concocted that sleight of hand. By the way, you shouldn’t even have this particular worry – about this thing some call a government shell game -on your worry list because they are in the proverbial stuck position. If they tell the truth about the zero dollars in the kitty, the current crop of SS payers will revolt immediately if not sooner. And, those folks receiving the checks will start a panic unlike any seen in any country throughout recorded history. Basically...
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...in the work houses, adults and children worked for several hours in the day. The children did receive education in the work houses, in return for their labour. The aim was that the outcome of being unable to support yourself or family was so harsh and severe, that it would stop anyone from wishing to enter (The National Archives, 2014: 1). The Second World War saw a shift from the Poor Law to the Welfare State through the Beveridge Report. “No one, not even Beveridge himself, ever planned the Welfare State, nor has it been a direct outcome of any political or social philosophy”, (Bruce, 1961: 13). “It has been in fact no more than the accumulation over many years of remedies to specific problems which in the end have reached such proportions as to create a new conception of governmental responsibility”, (Bruce, 1961: 13).” The Beveridge Report of 1942 was the culmination of a review of the whole of social security provision in Britain commissioned by the Wartime National Government”, (Alcock, 1987: 51). The Wartime National Government only set out to tidy Britain up, not to make the huge changes Beveridge reported were required. Beveridge found that Britain had five giant evils to slay. Want (poverty), idleness (employment), ignorance (lack of education), squalor (poor housing) and disease (health). The government on receiving the report took serious consideration on whether to publish the report or not. It was in fact published and people queued to purchase a copy (Abel-Smith...
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...History of Health Care Reform Transcribed from a talk given by Karen S. Palmer MPH, MS in San Francisco at the spring, 1999 PNHP meeting) Late 1800’s to Medicare The campaign for some form of universal government-funded health care has stretched for nearly a century in the US On several occasions, advocates believed they were on the verge of success; yet each time they faced defeat. The evolution of these efforts and the reasons for their failure make for an intriguing lesson in American history, ideology, and character. Other developed countries have had some form of social insurance (that later evolved into national insurance) for nearly as long as the US has been trying to get it. Some European countries started with compulsory sickness insurance, one of the first systems, for workers beginning in Germany in 1883; other countries including Austria, Hungary, Norway, Britain, Russia, and the Netherlands followed all the way through 1912. Other European countries, including Sweden in 1891, Denmark in 1892, France in 1910, and Switzerland in 1912, subsidized the mutual benefit societies that workers formed among themselves. So for a very long time, other countries have had some form of universal health care or at least the beginnings of it. The primary reason for the emergence of these programs in Europe was income stabilization and protection against the wage loss of sickness rather than payment for medical expenses, which came later. Programs were not universal to start...
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...cash to make purchases or withdrawals 5. deduction (withholdings)- an amount that your employer withholds from your earnings to pay for things such as taxes or insurance 6. deficit- when more money is spent than earned 7. Denomination- the face value of money 8. electronic fund transfers (EFT)- money transferred from one bank account without any actual money (paper or coins) changing hands 9. electronic funds- 10. encryption- code 11. endorse- approve or sign 12. federal income tax- the tax you pay the federal government on the income you earn 13. Federal Reserve- institution responsible for creating and tracking all of the country’s money 14. FICA (Federal Insurance Contributions Act) – Social Security tax 15. fixed income/expense- income that does not change month to month 16. gross income- pay before withholdings 17. income- all the money that you earn or receive 18. net income- pay after withdrawals 19. payee-the person a check is written to 20. personal Identification Number (PIN)- identification number used with a debit card 21. purchasing power- the number of goods or services that can be purchased with a unit of currency 22. standard of living- a measure of how comfortable you are based on the things you own 23. state income tax- tax determined by individual states on the income you earn 24. surplus-when more money is earned then spent 25. variable income/expense- Activity 1: ...
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...personal survey will also be reviewed and additional information will be discussed as to how they relate to each other and how the information could be used in a business or other setting. Part 1: Survey Analysis: Entertainment Social gaming is taking the desktop and console gaming world to new heights by attracting gamers that might not have every touched a video game before according to Shaer, (2010). He reports that 56.8 million American consumers over the age of 6 had participated in social game playing over the past three months. According to the U.S. Census Bureau, the 2010 population was 281,421,906, and Shaer’s 56.8 million consumers represent approximately 20% of the overall population. I was surprised to find the accuracy in Shaer’s numbers representing one-fifth of the U.S. population in 2010. That is a staggering number of people doing nothing more than playing games! To further understand the impact these numbers have on social gaming sites such as PopCap Games, I visited the Information Solutions Group website that was responsible for collecting the data relative to how the gaming population is broken down among gender, age, frequency of play, etc. Their updated study dated November 14, 2011, led to a plethora of information regarding the social gaming phenomenon and who the players are within the system. It was quite an...
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...Later Adulthood Development Today people who are age 65 or older make up more than one tenth of the U.S. population and are the quickest growing age group (Zastrow & Kirst-Ashman, 2010). As adults reach later adulthood, they begin to undergo mental, physical, and social transformations. All of these changes are experienced and handled differently by each individual. Time and planning help to alleviate stress and can make these changes easier to deal with. Family and friends are an exceptional source of support during these tough times. During later adulthood a person experiences changes in role and social status. This is a period in life where one generally spends time relaxing and pursuing leisure activities. One also starts taking more interest in their household and family. Some seek part-time or volunteer work, whereas others pick up hobbies. As long as a person can safely do the things he or she wants to do, there is no reason anyone should prevent him or her from doing so. Older people tend to take part in a less active role in social life because of retirement and decline of income (Dale, Smith, & Norlin, 2009). However it is imperative for the older generation to remain active as it is stimulating mentally, socially, and physically. It is also healthy for them to feel like productive people in society, which boosts their feelings of self-worth and self-esteem. In many cases, because of retirement, there is role reversal (Zastrow & Kirst-Ashman...
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...Department of the Treasury Internal Revenue Service Contents What’s New . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Reminders . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Calendar . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1. Employer Identification Number (EIN) . . . . . . . . 2. Who Are Employees? . . . . . . . . . . . . . . . . . . . . . 1 2 6 7 8 9 Publication 15 Cat. No. 10000W (Circular E), Employer’s Tax Guide For use in 3. Family Employees . . . . . . . . . . . . . . . . . . . . . . . 10 4. Employee’s Social Security Number (SSN) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 5. Wages and Other Compensation . . . . . . . . . . . . 11 6. Tips . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14 7. Supplemental Wages . . . . . . . . . . . . . . . . . . . . . 15 8. Payroll Period . . . . . . . . . . . . . . . . . . . . . . . . . . . 16 9. Withholding From Employees’ Wages . . . . . . . . 16 10. Required Notice to Employees About the Earned Income Credit (EIC) . . . . . . . . . . . . 20 11. Depositing Taxes . . . . . . . . . . . . . . . . . . . . . . . 20 12. Filing Form 941 or Form 944 . . . . . . . . . . . . . . 24 13. Reporting Adjustments to Form 941 or Form 944 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26 14. Federal Unemployment (FUTA) Tax . . . . . . . . . 28 15...
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...Lloyd’s of London, which in March 1829 appointed Stracham, Murray & Co. to be its local agent to represent here, in which during this time is the Spanish Era. But in 1898, life insurance was introduced in the country; Sun Life Assurance of Canada first enter and began selling life insurance in the local insurance market of the country. The Philippines got its first purely domestic insurers in the beginning of the 20th century. The first domestic non-life insurance company was the Yek Tong Lin Fire & Marine Insurance Company (today Philippine First Insurance Company) established in 1906. Four years later, 1910, the first domestic life insurance company, the Insular Life Assurance Co., Ltd., was locally-owned and organized. And in 1936, Social insurance was established with the enactment of Commonwealth Act no. 186 which created the Government Service Insurance System (GSIS) which started operations in 1937. The Act covers gov’t employees. But when Union Insurance Society of Canton appointed Russel & Surgis as its agent in Manila in the year 1939, the business transacted the Philippines was then limited to non-life insurance. In 1949, government agency was formed to handle insurance affairs, where the Insular Treasurer was appointed commissioner ex-officio. And the next year, 1950, reinsurance was introduced by the Reinsurance Company of the Orient when it wrote treaties for both life and non- life. First workmen’s compensation pool was organized as the Royal Group Incorporated...
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...WEEK 5 DQ 1 The history of the Social Security Act, as listed by the Social Security Administration, provides an interesting foundation/principle regarding the establishment of Medicare, Medicaid, Social Security and other pertinent information relating to mankind and its perception on economic issues. I encourage you to read the information to gain an understanding of this foundation/principle. It is very interesting and educational! History of the Social Security Administration: U.S. Social Security Administration. (n.d.). Historical Background and Development of Social Security. Retrieved from http://www.ssa.gov/history/briefhistory3.html What are the effects of government-sponsored health care programs for special populations—children, mentally challenged, older adults, patients with specific diseases, and so forth—on health care costs and health care access? What are the effects of government-sponsored health care programs for special populations—children, mentally challenged, older adults, patients with specific diseases, and so forth—on health care costs and health care access? There are six major goverment health care programs 1) Medicare 2) Medicaid 3) the State Children's Health Insurance Program(SCHID), 4) the Department of Defense TRICARE and TRICARE for Life programs (DOD TRICARE) 5) the Veterans Health Administration (VHA) Program, 6) and the Indian Health Service (IHS) program-provide health care services to about one-third of Americans....
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