Questions tagged [social-security]
For questions relating to the US Social Security system, e.g. payments, benefits, FICA taxes, etc.
249 questions
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What happens If I Overpay Social Security Taxes?
Resource: Maximum social security tax income level for 2015.
I work four jobs and just noticed on the second one, they're deducting social security taxes. The first job I work pays 99% of the ...
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1
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Can I keep my bank account and SSN after giving up permanent resident status?
If I were to abandon my permanent resident status in US, will I be able to keep and use my Wells Fargo bank account?
Also what happens to my Social Security number?
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1
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Is the Social Security retirement benefit calculation based on the last 40 quarters, or overall?
Are Social Security payouts based on the last 40 quarters, or overall earnings? That is:
If the last 40 quarters of my working career are lower than these past 40 quarters worth, how does this affect ...
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How much total salary to allocate to defer $17,500 to 401(k)?
From my small business, I would like to contribute to my wife's retirement (which also reduces taxable income to the company).
My question is about how much total salary should be allocated to her to ...
- 151
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1
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833
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Social Security contribution of a J1 visa holder leaving U.S. permanently?
I was a J1 visa holder (post-doc) in the US for 18 months and contributed to Social Security. Since I am not going back to the U.S. again, am I eligible to get the money back?
Thanks and regards
JMV
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IRS (USA) Form 843 - How much time you have to file?
While I was on F1 Visa, my employer witheld social security and medicare taxes for me in error, and has declined to process a refund. IRS has a form 843, which allows you to petition IRS for a refund ...
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1
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Should I wait until I absolutely need the money to draw income from Social Security?
I started collection at age 62, but could pay it back. Sometimes I think I should put the money into one of my houses while I am able to do the work myself. I could take a loan from a 401k, but paying ...
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Are U.S. Social Security payroll contributions and state taxes deductible from taxable income for India?
I moved to USA during the financial year Apr 2014 - Mar 2015, in which I was resident in India for more than 182 days due to which my status is "resident" in India for the tax year concerned. I ...
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Social Security and Medicare deductions/payments
Three hopefully simple questions about social security and medicare payments that are being deducted from my paycheck - I haven't been able to find much information about this online.
Are these ...
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Recovering over-contribution to Social Security between two employers?
My wife changed jobs mid-year 2014 and her new employer took over $6K in Social Security tax withheld. Her first employer withheld over $5K making it a total of $11,298.98 in Social Security tax ...
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For SSI, is "authorized user" status on a bank account the same as "ownership"?
My friend has added my name to one of his bank accounts so that I can use a debit card on that account to buy things for him and make payments for him.
I am applying for SSI and need to declare ...
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I guess I'm American (by birth). I'm Canadian... my investment company is asking an impossible question. I don't have an SSN, what to do? Lie?
When I was born (1976) they did not automatically assign SSNs to kids (according to my mother). I guess that's not the case now. I only lived there for a few years and I gather I am a US citizen by ...
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Received SSDI income less than 15,000. Do I need to file income tax?
I live alone, and received less than $15,000 from SSDI. Do I need to file income tax?
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If I earn 40 credits and stop working, would I get full Social Security benefits at age 67?
If I meet my 40 credit requirement in my 30s, and then left the States permanently and work at another country (and pay taxes there, not to the US), would I receive the full benefits when I become ...
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Is the Social Security with disability option final?
My dad is planning on retiring and collecting Social Security, he just had quad bypass surgery. It looks like he has the option to take Social Security by invoking disability.
These are his options:
...
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When someone retires is their Social Security check amount set forever?
My father is planning on retiring and both he and I are trying to make sense of the caveats of Social Security during retirement. My interpretation of the retirement benefit is that he will get about $...
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Do I pay taxes on my SSI benefits
I receive $705 per month on SSI and LTD $456 per month total for the year is $13800 do I have to file tax returns?
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A couple questions about Social Security benefits and making extra money
What is the limit I can make when it comes to working while on Social Security?
If I get a prepaid debit card for the money I make, do I have to report my earnings? How do I go about doing this?
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1
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Disabled, no-income except SS, on various programs that help...What if I receive a windfall?
I have a chronic, debilitating disease (MS). Barring a miracle cure, I am going to be on Social Security Disability the rest of my life. I’m 47, divorced, no children.
I have a hobby that I enjoy and ...
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1
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Exempt from US Social Security, too few credits for benefits
I am an employee of a US state government which does not participate in Social Security, so neither I nor my employer pay Social Security taxes. (My employer offers a defined-contribution plan ...
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What is the purpose of Social Security and Medicare deductions from my paycheck?
Sorry, this might be a basic question, but I'm having trouble understanding this, so would like to ask here.
I've recently started a full-time position, and I notice that two things are being ...
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6
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1
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772
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Is the Social Security delayed benefit increase in addition to COLA?
I understand that delaying taking social security from full retirement age (67, based on my birth year) until age 70 results in a 24% increase in the monthly benefit, or 8% per year.
Is this amount ...
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How do we handle taxes a lump sum payments from a SSA-1099 backdated to 2011?
In 2011, I went on short term disability provided by my employer. In December 2012, I transitioned to Long Term Disability. I remained on Long Term Disability until November of 2012. The wages I ...
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How does the Social Security Wage Base apply to employers?
This is a hypothetical question, but let's say a person has two W-2 positions at two different companies, where they make $60,000/year each. The Social Security Wage Base for 2014 is $117,000. So the ...
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Federal Income Tax implications of Amazon Mechanical Turk
What are the federal tax implications of any money received through Amazon Mechanical Turk? Is this money categorized as income? What are the necessary rules for payment regarding social security and ...
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1
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When do I pay taxes if I'm self employed?
This is my first time paying/filing for taxes.
Starting April 2013, I started getting paid as a part time independent contractor. When I get paid, nothing is withheld.
I have no idea when to pay ...
- 151
9
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1
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I'm a non-U.S. citizen that paid Social Security tax. I'm leaving the country. Can I get my money back?
I am not a U.S. citizen and I am leaving the country in a few months. Can I get the money back that I paid for Social Security taxes, since I am not going to be retiring in the United States?
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1
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Why did my last paycheck of the year have a big decrease in Social Security taxes taken out?
My last check from my employer this year shows a 60% decrease in the amount taken out by social security (FICA-OASDI). Net result is a larger take home amount.
Does anyone know why that would ...
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How does Bill Me Later check a person's credit using DOB and Last four SSN digits?
Currently, I'm looking to open Bill Me Later account. I notice that it only asks Date of Birth and last 4 digits of SSN.
According to this website,
The first three digits are based on the state ...
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3
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How to calculate Social Security benefits if retiring before the early Social Security age?
How can I calculate my Social Security if I retire before my early Social Security age?
I tried to use the official website's calculator, but it required entering too much data, and the website ...
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1
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Social security "bonus" for married retirees?
I passed this info on to my father who is much closer to the age where he may be able to take advantage of it, but I wondered if anyone could comment on the viability of the approach described in this ...
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Is it normal to have 28.5% of various income taxes deducted from my paycheck?
I just got out of college, still live with the parents (saving up money) been employed for a year in the industry, and got a not bad starting salary. First check I received was shocking, to see 28.5% ...
user10857
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3
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What accounts for the "average" FICA payroll tax paid not being close to its 15.3% theoretical maximum?
This is a question regarding the social insurance tax in the U.S.
The effective payroll tax cited by the Congressional Budget Office as well as the Tax Policy Center is lower than I would expect for ...
user10366
7
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1
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W2 and 1099 (self employed) income in same year: social security taxable income limit?
For 2013, the maximum taxable social security income for employees on wages is $113,700, and for self employed individuals it is also $113,700 (though obviously at a higher rate).
Suppose a person is ...
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How do I opt-out of the Social Security system?
How do I opt-out of the Social Security system and give up my Social Security Number? If I do this, am I then exempt from paying Social Security income tax?
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Help required on estimating SSA benefit amounts
Is there a calculator that will estimate my SSA benefit amounts given:
a list of all FICA contributions I (and my spouse) have made till date (and plan to make)
the age at which I intend to start ...
- 453
2
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1
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History of full retirement age: when were there policy changes?
The full retirement age is the age at which at which a person may first become entitled to full or unreduced retirement benefits. On the webpage of the Social Security Administration (http://www....
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What specific quality of life factors need to be addressed when creating a special needs trust?
We are in the process of creating a special needs trust for my daughter. One of the many things we need to think about are the quality of life factors as she gets older and of course as we get older. ...
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1
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Can I attach my Canadian credit profile to my American credit profile?
I'm a dual citizen of the United States and Canada. I have a social insurance number (Canada) and social security number (US). I have a great credit profile attached to the SIN, but no credit profile ...
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1
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Can already-retired immigrants get Social Security or other payments from the U.S. government?
My parents are 83+, and became U.S. citizens back in 2001. They were born as Indian citizens. They moved to the USA after they retired in India. Will they be entitled to receive any monthly payments ...
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Understanding welfare or Social Security paid to naturalized senior citizens in the U.S.?
Social Security is an alien concept in India, from where I am, and this concept interests me: I have been reading and discussing this with friends recently.
One friend from Vietnam, who became a ...
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How to protect your parents if they never paid Social Security?
I am helping a friend with some financial advice, but his situation is very unique. His mother (US Citizen) married a foreign national.
He worked all his life as a merchant or in a restaurant he ...
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2k
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Benefits of a non-resident alien contributing to FICA
Being an international student on F1 visa, I am a non-resident alien who cannot claim unemployment or SS benefits.
Currently I am working on an internship and my employer was not aware that FICA is ...
- 2,756
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How many years do you need to contribute to Social Security to be eligible for benefit payments in retirement?
Recently I have been reading many articles about the insolvency of Social Security and how not to factor it in any retirement income.
My questions are:
How many years does someone need to pay into ...
- 1,663
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4
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258
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How should I account for Social Security contributions?
I'm currently tracking all my finances with GNUCash, and splitting the various paycheck deductions into expenses. It's pretty nice to be able to correctly predict what will be on my W2, and it's even ...
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1
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When someone receiving Social Security dies, does the estate have to give back their last "paycheck"?
When someone receiving Social Security in the US dies, I have heard that there are some cases where the estate must return the last payment made by Social Security.
It makes total sense to me that if ...
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2
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691
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What is exactly is considered taxable income when you retire?
I'm in my 30's and trying to figure out whether I should convert some of my traditional IRA funds into a Roth. The funds would be taxed at 15% based on my current taxable income. So, I need to best ...
- 1,141
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Will there be enough money in Social Security benefits to cover baby boomer retirement? [US]
This is in a similar vein to this question. Wondering if the American old age benefits program has also taken into account the larger retiring population. Does the plan have enough money to cover ...
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Should I take Social Security earlier than full retirement age, or wait for more?
Should I take Social Security earlier than the full retirement age shown on my statement? I'm concerned they'll change the rules and I'll lose out if I wait. :-/
What is the likelihood the rules ...
RetiringSoon