Questions tagged [social-security]

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

Filter by
Sorted by
Tagged with
13
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 ...
3
votes
1answer
94 views

What is the benefits threshold for social security tax

I am a foreigner working in NY and will be leaving in few month. I would like to know if I can get refund for the social security tax because I can't enjoy it. I see the answer was "No, you cannot. ...
1
vote
1answer
3k views

How do I apply for a no interest loan from Social Security Admin?

Does anyone have info where to look/apply for the no interest loan Social Security talks about? I cannot seem to navigate thru the directions to actually find application form and where and when to ...
5
votes
1answer
175 views

Do I need a Social Security Number?

I am a New Zealand citizen, and legal resident of Mexico (not the US - I have only B1/B2 visa for the US). I have funds in the US in an American bank account (in my name). Recently I have considered ...
25
votes
3answers
7k views

Can I buy Social Security credits?

I have 39 credits and no longer work in the US. (Gave up resident card after 10 years in the US). Retired in Norway. Is there any way I could buy the last credit point I need?
6
votes
1answer
1k views

Do I need to pay medicare/social security as full-time employee but with a business on the side of which I'm the sole owner/employee?

I'm working full-time for a company, but I also have my own mobile app business on the side. Do all the regular self-employment rules apply to me? I'd like to take the money I make from my side ...
5
votes
2answers
626 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 ...
1
vote
2answers
116 views

will it make a difference in the social security payment between taking at age 67 and 68

I am turning 68 in January . Should I wait to apply for my Social security payments. How is the payment calculated .will it increase if I don't apply now?
6
votes
1answer
207 views

Social Security widower retroactivity

I'm trying to help my dad get his Social Security retirement stuff figured out. He waited until a couple months before he was 62 and found out that he could have been getting widower's benefits since ...
1
vote
1answer
236 views

Am I exempt from taxes if I work for a college?

I work at an accredited community college. I ask this because my paycheck, along with several other colleagues, had 0 withholdings for state, federal, and ssn. I was told that we get tax breaks ...
6
votes
2answers
129 views

When I withdraw SS vs when I retire

If I stop working at age 65, can I wait to age 70 to accept SS (living off of my own retirement accounts and younger spouse's income) for those 5 years?
0
votes
3answers
659 views

Can I retire after 10 years of work?

According to this site after 10 years of work I will have enough credit to retire. But what does it mean in reality? How can one just retire after 10 years of work and be eligible for social ...
1
vote
1answer
3k views

Can I open a personal bank account with an EIN instead of SSN?

Can an individual open a personal (non-business) checking or savings account using an EIN instead of their SSN? If so, what are the advantages or disadvantages of doing so?
3
votes
1answer
119 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 ...
0
votes
1answer
163 views

I need advice on how to get out of default on college student loans [closed]

Well, this is not very specific, but I need advice on how to get out of default on college student loans. Right now I am on Social Security, Medicaid and food stamps. It made things more difficult ...
4
votes
1answer
212 views

What is deducted from a social security monthly payment?

About to retire in ~8 months and live in California. I would like to know what taxes and deductions I should expect to see in my SS payment check; the SS office tells me I will receive ~2300, but how ...
5
votes
1answer
231 views

My employer is refunding incorrectly witheld FICA. Do I need to wait for W-2c to file?

My employer withheld FICA taxes and generated a W-2 based on it. I see the error and report it to them. Now they are refunding the FICA taxes and will issue a W-2c. They say you can proceed with ...
3
votes
2answers
6k 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 ...
5
votes
2answers
130 views

Are there tax-advantaged accounts (e.g. HSA, FSA) for retired Social Security recipients?

Medicare doesn't cover 100% of my medical and dental expenses. Is there a tax advantaged plan I can start to contribute to in order to pay them? I have no employer to 'offer' one.
3
votes
1answer
88 views

Reporting SSA-1099 income for newly married spouse

I got married in December 2016 and up until November 2016 my spouse was receiving social security benefits. Since our combined income exceeds the threshold for receiving benefits, she had the benefits ...
11
votes
8answers
5k views

How much should a hobby business make to be worth the effort for taxes?

My wife was a software developer for 15 years until we had our daughter, and since then she has been primarily concerned with caring for her. She has been volunteering her time for personal ...
1
vote
2answers
104 views

What “Halving” Change To Social Security Benefits Based On Income?

I had a recent conversation with a retiree that their social security benefits were cut in half because their income was too high. They mentioned this was new, but I can't find any new laws about ...
1
vote
0answers
52 views

Social Security and Death [duplicate]

My father died Jan 12th and no social security payment was posted to his bank account in Jan.& directly deposited on Feb. 4th. Does that money belong to his estate or will the dept. of social ...
3
votes
1answer
359 views

Do non-resident freelancers need to disclose their SSN?

I am neither a resident nor a citizen of the United States, but about twenty years ago, I did live and work there temporarily. I got a Social Security Number and paid income tax on my earnings from ...
14
votes
2answers
1k views

Will the Windfall Elimination Provision reduce my Social Security?

I have recently changed careers after working for 20+ years outside of education, and now I'm being told I will never be able to access any of the SS dollars I have contributed because now my ...
7
votes
1answer
2k views

Is social security paid biweekly or monthly?

Is social security paid biweekly or monthly? My father is retiring soon and I can't seem to find this answered directly.
5
votes
1answer
781 views

German + U.S. Social Security Agreement

I'm an American and have been working in Germany for the past few years, first in a company and now as a Beamter (government employee). I am planning to move back to the U.S., and had a question about ...
3
votes
1answer
350 views

Calculating Social Security with early retirement

I may retire early, in my mid 50s. How can I tell what my Social Security benefits will be? The SSA website says: At early retirement age (62): $XXXX a month Your estimates are based on the ...
2
votes
1answer
105 views

As a British ex-pat living in the USA, should I top up my NI contributions?

I have lived in the USA since 2005 and am in my mid 40's. I am a permanent resident of the USA, not a citizen. While in the UK I did not contribute sufficient to NI, and so would get letters from ...
4
votes
1answer
171 views

How will U.S. Social Security go under? [closed]

I occasionally hear murmurings about U.S. Social Security going bankrupt, and a Congressman is proposing major changes to prevent it. But I have never seen any explanation. The reason it puzzles me ...
4
votes
3answers
289 views

I have a one-time payment to receive that would take my social security subsidy. What to do?

I have a social security subsidy from my father's death which is valid for more 2 years. Meanwhile, I did a one-time job as part of a university project I am included. After the work was done, it ...
2
votes
1answer
1k views

Can a non-US resident receive a refund of Social Security payroll deductions?

I am from Pakistan. I lived in US from 1981 to 1991 both for education and work. I was on H1 visa for couple of yrs and then attained permanent resident status in 1988. My total work period may be ...
2
votes
0answers
2k views

Open bank account at Charles Schwab without social security number?

The U.S. brokerage and bank Charles Schwab requires a social security number to open an account. You have a social security number but your spouse doesn't. Both want to have bank accounts at Charles ...
0
votes
1answer
75 views

Can a senior collecting Social Security get a disability tax exemption?

I'm looking into some of the tax exemptions for my mother. She pays a ton in local and school taxes, so much she can barely afford it. I was reading about the disability exemption described here: ...
3
votes
1answer
2k views

If I earned 40 Social Security credits by age 40, do I get benefits regardless of work or income in the years after I earned the 40 credits?

If I earned 40 Social Security credits by age 40, do I get retirement and disability benefits regardless of work and income in the years after I earned the 40 credits? So for example: if by age 40 I ...
1
vote
2answers
84 views

Excess Social Security Witholdings

After a generous hour meeting with a CPA gratis, we ran out of time, but I still had a few questions. I have a full time job and have been doing some contracting work nights and weekends. Full-time ...
5
votes
1answer
39k views

How can I link my Social Security Number to my online account in Bank of America?

It is about a year I am in the U.S. and have an account at Bank of America. I also have a travel reward credit card, but when I wanted to get my credit report from Credit Karma, I was told they could ...
1
vote
1answer
584 views

What to do with $20,000 at 65 years old?

I just turned 65 and have 20K from a house flip. I got the money when I cashed in a 25K job savings account 401(k). I paid about 5K in penalties to cash it in. I'm drawing social security but plan on ...
3
votes
1answer
212 views

Income tax on children's social security income

How do you declare in the tax return the social security benefits of minor children? In our case, the social security administration deposits the checks every month in a bank account that is on my ...
2
votes
0answers
130 views

What happens to debt to SSA after death?

A woman in another country was married to her late husband. She notified about his death right away but SSA kept sending money from his Social Security benefits. She thought that everything was in ...
-1
votes
1answer
138 views

Continue contributing to pension vs waiving FICA

This is my first post! I have a little dilemma I have to decide whether I want to continue stop contributing to my city pension with the benefit that I will be able to waive FICA. Let me give some ...
2
votes
1answer
772 views

How do spousal social security benefits for a non-working spouse get calculated?

I have been reading this page on the ssa.gov website which seems hopelessly useless. The situation I am curious about is: 1 spouse does not work enough to accumulate 40 SS quarters The other spouse ...
-1
votes
1answer
537 views

If I had no income due to a net operating loss, will I be refunded the Social Security and Medicare taxes withheld?

I spoke to a CPA about my 2015 tax situation. I had a job in 2015, but I also had stock trading losses that exceeded the salary that I received from the job. The CPA said that I traded enough that ...
6
votes
1answer
211 views

Divorce and Social Sec, Pension, and 401K

I am 65 while my spouse is 52. My spouse has been the sole breadwinner of the family and we've been married for 25 years If we were to get a divorce, can I start collecting now on my spouse's Social ...
3
votes
1answer
33k 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 ...
2
votes
2answers
9k views

H1 B visa social security refund

Is there any change in the policy of the US Govt that will enable H1 B visa holders from India who have returned home after working six years on the H1B visa a refund of the social security taxes they ...
2
votes
0answers
107 views

Help me apply Windfall Elimination Provision to my situation

I struggling to understand exactly how the Social Security's Windfall Elimination Provision applies to me in my situation (and thus what it specifically means for how long I should keep my part-time ...
1
vote
2answers
969 views

Take Social Security at 65 or spend retirement savings

What is better? To retire at 65 1/2 and spend nothing but retirement savings until reaching age 70. At 70 take social security for both me and my wife and get the maximum benefit. I would spend $...
5
votes
1answer
110 views

Social Security Disability to Social Security

I am currently 62 1/2 yrs. old on SSDI and want to return to work. Can I apply for regular Social Security and return to work and not have to worry about losing my income.
-4
votes
3answers
3k views

Opting my child out of SS taxes? [duplicate]

If I have a child and elect not to get him a social security number, will he still be required to pay social security taxes? I am a U.S. citizen, as is he. I'm trying to weigh the cost of not ...