Provides a succinct, comprehensive, and detailed explanation of the federal old-age, survivor's and disability insurance programs under the Social Security Act.The book explains who is covered by the Social Security system, liability for the tax, how a worker acquires "insured status" required for benefit eligibility and the conditions of entitlement to the various kinds of Social Security benefits.
Effective January 1, 2012, through June 30, 2012, Premium Rate Table 1 is in effect. Employer rates range from 0.5% to 4.5% for positive-balance employers and from 5.0% to 10.0% for negative-balance employers. An additional 0.6% premium apples to all experienced-rated and new employers whose rates are based on industry-wide reserve ratios. Industry-based tax rates for new employers for the rate year beginning July 1, 2011, and ending June 30, 2012, are as follows: Construction, 8.6%; Manufacturing Sector 32, 6.6%; Manufacturing Sector 33, 9.1%; and Mining and Extraction, 6.6% (DWLD Communication).