Thursday, July 7, 2011
JCT Recently Published Document That Provides Overview And Legislative History Of Social Security System
The Joint Committee on Taxation (JCT) recently published a document that provides an overview and legislative history of the Social Security system. (JCX-36-11) The document looks at the Federal Insurance Contributions Act (FICA), the Self-Employed Contributions Act (SECA), and unearned income Medicare contributions. It also examines worker classification for employment liability, and employment tax and self-employment tax treatment of S corporation shareholders and partners. In addition, it covers income taxation of Social Security benefits. The document is located at http://www.jct.gov/publications.html.