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Individual retirement account. An individual retirement account [1] ( IRA) in the United States is a form of pension [2] provided by many financial institutions that provides tax advantages for retirement savings. It is a trust that holds investment assets purchased with a taxpayer's earned income for the taxpayer's eventual benefit in old age.
It is also the maximum amount of covered wages that are taken into account when average earnings are calculated in order to determine a worker's Social Security benefit . In 2020, the Social Security Wage Base was $137,700 and in 2021 was $142,800; the Social Security tax rate was 6.20% paid by the employee and 6.20% paid by the employer. [1 ...
The Employees' Provident Fund Organisation (EPFO) is one of the two main social security organization under the Government of India's Ministry of Labour and Employment and is responsible for regulation and management of provident funds in India, the other being Employees' State Insurance. The EPFO administers the retirement plan for employees ...
Russian legislation uses the expression "social services", instead of social security. Legislative definition is provided in article 3 of the Russian Federal Law No. 442-FZ "On the Basics of Social Services for Citizens in the Russian Federation": "social security is an activity aimed at the provision of social services to citizens". [3]
Social security in Sweden. Social security in Sweden is an aspect of the Swedish welfare system and consists of various social insurances handled by the National Agency for Social Insurance ( Swedish: Försäkringskassan ), and welfare provided based on need by local municipalities. Social security is the main conduit for redistribution of ...
The social security system (Spanish: seguridad social) in Spain is its principal system of social protection.The concept of social security first appeared in Spain in 1883 under the Committee for Social Reform, it was expanded several times during the twentieth century and finally the right to social security was enshrined in the Spanish Constitution of 1978 under Article 41 which states "that ...
Individual insurance account number (SNILS) is a number issued and used by the Pension Fund of the Russian Federation to residents of Russia for the purpose of tracking their social security accounts. SNILS is required for the Pension Fund of the Russian Federation to organize personal information about an employee and the amounts contributed ...
The Federal Insurance Contributions Act is a tax mechanism codified in Title 26, Subtitle C, Chapter 21 of the United States Code. [3] Social security benefits include old-age, survivors, and disability insurance (OASDI); Medicare provides hospital insurance benefits for the elderly. The amount that one pays in payroll taxes throughout one's ...