Preparing Payroll Records

Social security tax is a federal tax paid for old-age, survivors, and disability insurance. Social security taxes are paid by both employees and employers. Social security tax is calculated on employee earnings up to a maximum amount paid in a calendar year (known as a tax base).
www.ssa.gov

1. When was the social security program established? What was the purpose of establishing it?
2. Since its inception, what are the total social security payments that have been made to beneficiaries?
3. The social security program is not currently in long-range actuarial balance, which means it is not projected to have sufficient income to pay all promised benefits over the next 75 years. What do you think should be done to promote the future of the social security program?

Answer the questions in paragraphs in your own words. Cite the sources you use to find the answers.