I don't understand why these two elements are not aligning side by side?

I want to get these two elements to align perfectly vertical side by side using a position value of relative. I'm having trouble as to understanding why these two elements don't want to align.

Can someone explain what I'm doing wrong? and if possible find a solution?

https://jsfiddle.net/kerberonix/qcq68gfg/

HTML

<html>
  <body>
    <footer>
      <div class="test">
        <p>Footer Text</p>
      </div>
      <ul class="social-links">
        <li>Link 1</li>
        <li>Link 2</li>
      </ul>
    </footer>
  </body>

CSS

footer {
    position: absolute;
    bottom: 0;
    width: 100%;
    height: 70px;
    padding: 0 20px;
    background-color: #262626;
}

.test {
    position: relative;
    display: inline-block;
    top: 50%;
    width: 50%;
    transform: translateY(-50%);
}

footer p {
    font-size: 100%;
    color: #888;
}

.social-links {
    position: relative;
  display: inline-block;
    top: 50%;
    width: 50%;
    transform: translateY(-50%);
}

.social-links li {
    display: inline-block;
    margin-right: 35px;
    text-decoration: none;
}

.social-links li:last-child { 
  margin: 0; 
}

Solution

I would remove all of the positioning on the text and social elements, and use display: flex; align-items: center; on the parent.

footer {
  position: absolute;
  bottom: 0;
  height: 70px;
  padding: 0 20px;
  background-color: #262626;
  display: flex;
  align-items: center;
  box-sizing: border-box;
  left: 0; right: 0;
}

.test {
  position: relative;
}

footer p {
  font-size: 100%;
  color: #888;
}


/*--------------------------------------------------------------------------------------------
SOCIAL LINKS
--------------------------------------------------------------------------------------------*/

.social-links {
  position: relative;
  color: white;
  text-align: right;
  padding: 0;
}

.test, .social-links {
  flex: 1 0 0;
}

.social-links li {
  display: inline-block;
  margin-left: 35px;
  text-decoration: none;
}

.social-links li:last-child {
  margin: 0;
}

<html>

  <body>
    <footer>
      <div class="test">
        <p>Footer Text</p>
      </div>
      <ul class="social-links">
        <li>Link 1</li>
        <li>Link 2</li>
      </ul>
    </footer>
  </body>

</html>