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What is the Purpose of Social Security. The purpose of social security is to strengthen and support an individual who has faced an unwanted and tragic incident in his life. This may include loss of a dear one or losing a job or a sudden accident. Keep reading to know more about its purpose.
Implications. The purpose of Social Security tax is to fund Social Security survivors, disability and retirement insurance. If your net self-employment earnings are more than $106,800, you are only required to continue to pay the Medicare portion of the Social Security tax, the 2.9 percent, on your earnings.