Questions tagged [social-security]

For questions relating to the US Social Security system, e.g. payments, benefits, FICA taxes, etc.

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Paying country-specific tax from foreign bank account in Wise or Revolut

Portuguese legislation requires a company to pay a specific kind of Social Security, "Taxa Social Única" or TSU, every month for each salaried person. Portuguese banks are used to this ...
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Social Security, expat, and small side business

I plan to retire soon. I am an American and I expect to get about half my retirement income from Social Security. I have not reached full retirement age. (I'll be 63.) I own a tiny side business that ...
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164 views

Financial outcomes for a US adult over 65 without medicare

My father is in his 70's. He was a self-employed professional who never put away any money for retirement. He is now living on a rural property that he owns, but his only monetary assets would be his ...
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3answers
326 views

Do most people get more social security than they pay or vice versa

You pay social security your whole working life and then take it out after you retire. Do most people pay more into social security than what they eventually take out or other way around?
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1answer
77 views

Social Security vs SSI: cash gifts, free rent, etc. (USA)

I understand the social security administration may reduce SSI benefits if the recipient receives cash gifts, free rent, etc. What about normal social security benefits or retirement benefits? Are ...
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1answer
242 views

When should I give my Social Insurance Number to a Credit Card Company (or anyone else for that matter)?

When applying for an American Express card, it asks me for my social insurance number (SIN) but it is optional. Should I give it? The site states We encourage providing your SIN for more accurate ...
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1answer
72 views

Does monthly social security income gets adjusted by monthly vested benefit

At age 65, I am eligible for a lifetime monthly vested benefit in the amount of a few hundred dollars from my former employer (a non-governmental firm). In the company's benefits handbook, this vested ...
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45 views

US Social Security survivor’s benefit—amount

Trying to help a widow plan for the future… According to “Survivors Benefit Amount” (as I understand), she should get 100% of her late husband’s benefits and lose her smaller amount. In a phone ...
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1answer
87 views

Confusing Rules for US Social Security

Scenario: In USA, a person is receiving $1900 monthly from Social Security. His parents receive a total of $1200 monthly. (These numbers are rounded from a particular family’s actual amounts.) The ...
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1answer
892 views

Foreigner making voluntary US social security contributions to get a pension

Years back, I worked in the USA and made 7 years (28 quarters) social security contributions. I wrote to them a few years back and they said that I could get a pension with a minimum of 40 quarters of ...
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1answer
78 views

Total income between job and self-employment will exceed Social Security cap

This is similar to another question (here)... but I'm not sure if the answer is the same. I work in the oilfield and I mine cryptocurrency. Because of the current crypto bull cycle the income from ...
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30 views

If I earn my 40th Social Security credit mid-year, is my Medicare Initial Enrolment Period when I earn the credit or when the credit is filed for?

I'm a doozy of an edge case. I'm above 65 and will become eligible for Medicare mid-year 2024, which is when I'll have earned my fortieth Social Security credit on Form 1040 Schedule C. (I won't have ...
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449 views

Does Delaying Taking Social Security Have Adverse Effect on Size of Payment if Best Years More Than 20 Years Ago

This question concerns Social Security payment in USA. Looking on AARP website (https://www.aarp.org/retirement/social-security/benefits-calculator/), it seems your monthly benefits are calculated ...
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1answer
50 views

F1- OPT - Resident Alien - Social Security and Medicare taxes in the USA

Please don't confuse it with answer here. Mine is not a duplicate question. If I am on F1 (non-immigrant student) visa and doing my OPT (1st year not the STEM extension) or I am a full time student (...
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57 views

Past employer should have withheld FICA taxes—but did not do so. What do I do now? (J-1 Visa)

I am an Indian citizen who moved to the United States on a J-1 visa. I worked for one employer for just over two years before moving to another employer for whom I worked for one year. I am now ...
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1answer
265 views

Can a Non-Working Spouse with Only Social Security Income Contribute to an IRA?

In the United States, if a man over 50 retires and has only Social Security income---yet his wife continues to work an earns income in excess of $14,000 can the couple still contribute $14,000 ($7,000 ...
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1answer
67 views

US 2020 Schedule SE line 7 vs. married filing jointly

Maybe a simple question, but I haven't found an answer: Schedule SE says that for 2020, earnings over 137,700 aren't subject to social security tax. We file jointly; my spouse has self-employment ...
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37 views

is it easier to rent a car with a secured credit card over a debit card?

I've been denied car rentals using debit cards in the past, even with thousands of dollars on the card. I'm going to Hawaii as well as Tennessee this year, and will need a car. Would my odds increase ...
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What eventually happens when my Medicare premium is MORE than my Social Security benefit?

Most of my working life was not subject to Social Security taxes (yes, this can happen legitimately in the US), therefore my Social Security benefit is very modest. My Medicare premium is withheld ...
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24 views

Are FICA payments deducted from Canadian citizens working in the US transferable to Canada when they return?

I am a Canadian citizen who worked in the US (on a TN visa) for 8 years before I returned to Canada. FICA payments were deducted from my salary. I did not meet the threshold. Are these payments ...
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56 views

With 40 credits, can I still be eligible to receive social security benefits at age 67 IF I LOSE MY permanent resident status?

I know there are similar questions here, but my case is a bit special so I ask this question. I have been working in the U.S. for 10 years and accumulated 40 social security credits. Now, I and my ...
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1answer
86 views

Social Security and other liabilities for foreign employers of US citizens working remotely

I have the following situation: I am a US citizen employed (or about to be employed, depending whom you ask) outside the US in a country that is currently under lockdown. I've asked permission to work ...
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1answer
50 views

Tax ID/social security number After leaving USA

I am currently a Canadian working in the US. I have a working visa so I also have a social security/tax id. My question is when I leave the country in the future what happens to my social security ...
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406 views

My sugar daddy is threatening to get me in trouble because he has my ssn and all my personal information is this even possible if so what do I do [duplicate]

We exchanged phone numbers and all personal information and If I don’t give him what he wants he said he could get me in major trouble what do I do I can’t keep doing this? How do I know if this is ...
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993 views

How is FICA calculated?

I'm thinking of taking on a contracting job next year, along with my current full time job, and I want to know how the two income streams would interact. When income reaches a certain level (~ $137k), ...
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58 views

UK pension schemes contribution limit and state pension

If I make 60K pounds a year in the UK, I can apparently contribute 48.5K of it to a pension scheme and not have to pay any tax for that year because there is a personal allowance of 12.5K. Is this ...
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1answer
70 views

U.K social security eligibility

In the USA one needs to have accumulated 40 credits in order to become eligible for social security. Does the UK have a similar credit system? What are the eligibility criteria for UK social security? ...
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68 views

Social security disability benefits

I read the following in my social security statement. "Disability — If you become disabled before full retirement age, you can receive disability benefits after six months if you have: — enough ...
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1answer
2k views

Social security letter urges to apply now

I'll turn 70 in about 4 months. I just got a letter from the SSA saying What You Should Do: You should contact us right away to apply for your retirement benefits. You need to complete an ...
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2answers
155 views

So what if I lose my SSN?

Let's say my social security number is "stolen", but I never need to take out new debt and don't use my credit score, have no intention of collecting social security as part of my retirement plan, and ...
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1answer
125 views

Claiming children without SSN as dependents for stimulus

My family and I live in Germany. I'm German and my wife is American (SSN holder), while our two children have dual citizenship, both have a CRBA but both don't have an SSN. Can my wife claim them as ...
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574 views

In the USA, do OASDI, Medicare, and Federal income taxes stack?

Or are they applied in sequence? (and if they are, what order are they applied in?) As an example, if an American individual makes $100,000.00 in wages in 2020, and that is their only income, are ...
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56 views

Switching from spousal benefit to my own and then back to spousal

I started collecting SS at 66 (my full retirement age), my wife started collecting SS (spousal benefit) at 66 (her full retirement age). If my wife switches to her own benefit at 70, and then I pass ...
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1answer
152 views

Help for 88 Year old Mom who claimed wrong social security

My Mom is 88 and Dad is 96... both living. I just found out that my Mom who only worked 1 job for a few months 66 years ago, was claiming her own paltry Social Security... rather than applying for ...
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1answer
72 views

Are funds in 403b accounts and Social Security secure in the event of a depression?

Are funds in 403b accounts in the event of a national depression, such as in the 1920s, secure, or are they lost? And since a depression involves the whole nation, Social Security will end, correct?
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3answers
386 views

Are Social Security payments threatened by the Coronavirus crisis?

I would like to know if it is likely that the United States government may have to reduce Social Security payments for the remainder of this year to help fund economic stimulus packages to help bail ...
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0answers
41 views

Social Security Spousal Benefit while Spouse is Working

For US Social Security, a person of Full Retirement Age (FRA) can claim spousal benefits to receive 50% of the FRA benefits of their spouse. Suppose person A is of FRA and has no income. Person B (...
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2answers
80 views

Is there a combined Social Security wage base limit for married/joint returns?

I know that the wage base limit for 2020 is $137,700, but that is for one person. Is there a different limit for married couples filing jointly (e.g. double the $137,700 = $265,400, or something else)...
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1answer
177 views

Is there any value to delaying Social Security benefits other than risk reduction for early-retirees?

I have hopes of retiring early, hopefully around 55-60, and am making contributions to my 401k and regular investment accounts accordingly. I plan to live off of growth of my savings, and not retire ...
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2answers
4k views

Tax and social security for low income

My friend works part time and made about $7000 in 2019. Some people have been telling them that she should file separately so she had record of taxes reported for herself and she would be able to ...
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1answer
40 views

Where can I report my Social Security retirement benefit from form SSA-1042S in the form 1040NR?

I started receiving my retirement benefits from SSA last October 2019 after 2 years of processing time. They paid me a large sum corresponding to all months (25) of back pay and I received also my ...
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1answer
116 views

How to get a uniform amount of money for each paycheck given the social security threshold?

Near the end of last year, my paycheck stopped including Social Security Tax, causing my net pay to increase. I just learned that there is an annual threshold for contributions to FICA/SS This caused ...
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3answers
520 views

What can I do when I get a call I think is a Social Security scam?

I received a phone call representing themselves as an SSI officer telling me that my disability payments will be canceled. They said I did fraud in Texas. I asked them what name they have; they could ...
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2answers
147 views

Can I be refunded excess social security tax if my total salary for the year between two jobs exceeds limit?

For 2020, I will have my income split between company A and company B. Between the two jobs, my income will exceed the limit of $137,700, but it will not exceed it for either specific job. With that ...
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2answers
487 views

Why do payday loan ask for social security number?

Is there any specific reasons why payday loan companies ask for social security number.
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60 views

Marginal cost/benefit of FICA contribution

How do I calculate the marginal lifetime cost and benefit of a FICA contribution? This calculation applies when determining how to structure a business, such as whether a single-member LLC should be ...
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65 views

Do post-retirement earnings affect the amount of the benefit?

Suppose Person A, who does not have a full 35 years of earnings, and was not a high earner, files for retirement benefits at age 62. The benefits will be rather small. What if Person A starts ...
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1answer
91 views

Are the low earning spouse's earnings basically irrelevant for Social Security retirement benefit purposes?

Spouse A is in their mid-sixties and was the lower earner by far. Spouse B is five years younger and had a very good salary, but only from the past twenty years. (The previous years' income was zero.) ...
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2answers
104 views

How to decide whether to start drawing Social Security first, or start drawing down from IRAs?

Spouse A is in their mid-sixties and was the lower earner by far. Spouse B is five years younger. They recently became unemployed. Is there a rule of thumb or some other method, that will help them ...
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1answer
120 views

What happens when the Medicare deductions on one's Social Security (SS) check are larger than the SS benefit?

This is probably going to happen to me in 2021. For 2020, my net monthly SS benefit will be $8.00 (eight dollars). A little more IRMAA (income related monthly adjustment amount, which is a surcharge ...

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