Questions tagged [social-security]

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

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4
votes
2answers
8k views

FICA was not withheld from my paycheck

Hello personal finance, I was filing my taxes for 2016 and I just found out that I transitioned from Non-Resident-Alien to Resident Alien around September last year by passing substantial presence ...
20
votes
4answers
55k views

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?
19
votes
5answers
55k views

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% ...
16
votes
4answers
3k views

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 ...
10
votes
1answer
1k views

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 ...
4
votes
3answers
14k views

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 ...
4
votes
1answer
364 views

Can a non citizen who lives abroad but has paid SS tax for 40 quarters get the benefit?

I paid SS tax for 40 quarters when I was a permanent resident of US. Now I live abroad. Will I be eligible for getting social security benefits? Most likely the answer is no but why not ask? :-)
3
votes
1answer
38k views

Motley fool says you can make $15,978 more per year with Social Security. Is this for real?

The Motley fool has an ad campaign that says you can make $15,978 more per year on Social Security by doing 17 minutes of work using a legal loophole. I don't want to link to their ad (although, you ...
14
votes
1answer
50k views

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 ...
14
votes
6answers
4k views

Why Is Social Security Excluded From Retirement Savings Formulas?

I've spoken with several financial planners who recommend saving at least 15% of income for retirement (media example and this site has an example). They do not include social security, which takes ...
11
votes
4answers
73k views

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 ...
2
votes
2answers
145 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 ...
9
votes
1answer
15k views

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?
7
votes
3answers
4k views

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 ...
5
votes
2answers
836 views

Do I have to pay Medicare and Social Security taxes if I just have a work permit and not yet a green card?

I applied for a Green Card late July 2017. I just received my work permit few weeks ago. During this time where I am in between status am I exempt from Social Security and Medicare taxes? When I had ...
4
votes
1answer
4k views

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 ...
4
votes
2answers
524 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 ...
3
votes
1answer
135 views

Can increasing my tax withholding from my full-time job cover FICA taxes for my freelance work?

According to this article, instead of making quarterly estimated tax payments for freelance work I do on the side, it may be possible to simply increase my tax withholding at my full-time job. I ...
3
votes
3answers
248 views

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 ...
1
vote
1answer
48 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 ...
1
vote
2answers
183 views

social security benefits for green card holder in US

My relative is a permanent resident/green card holder in the US - not a citizen. The person worked and paid federal taxes in the US for ~30 years. (I don't quite understand why they didn't seek ...
0
votes
1answer
63 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? ...