The Social Security Act established benefits for old-age retirees and the jobless, as well as aid for dependent mothers and children, victims of work-related accidents, people who are blind, and those who have physical disabilities. It was signed into law in 1935 during the administration of President Franklin D. Roosevelt. Previously, such benefits were not provided at all by the federal government, aside from pensions for veterans. Under the act, the U.S. government started collecting the Social Security tax from workers in 1937 and began making payments in 1940. It laid the groundwork for many aspects of U.S. labor law. Social Security tax is collected in the form of a payroll tax mandated by the Federal Insurance Contributions Act or a self-employment tax mandated by the Self-Employed Contributions Act. The tax is levied on both employers and employees.Become a supporter of this podcast: https://www.spreaker.com/podcast/investment-terms--4432332/support.

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