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105 votes
Accepted

Scam? Phone call from "Department of Social Security" asking me to call back

It is not a plot to rack up toll fees but to get you to pay them money to get the alleged legal proceeding halted. I too have received numerous such phone calls (most with faked Caller IDs with Area ...
Dilip Sarwate's user avatar
35 votes

Why Is Social Security Excluded From Retirement Savings Formulas?

There is no guarantee how much you will actually receive from Social Security. The amount you pay in does not go into an account set aside for you personally.
IamMike's user avatar
  • 623
32 votes
Accepted

Social security letter urges to apply now

No, they’re not trying to “trick you”. Government bureaucracies don’t do that kind of thing. You won’t get more money if you defer your first payment until after you’re seventy, so they’re making sure ...
Mike Scott's user avatar
  • 23.5k
29 votes

Can I buy Social Security credits?

You cannot buy your way into Social Security benefits. The only way to earn credits is by working in the U.S. and earning pay where Social Security tax is withheld. If you only need one credit, this ...
Ben Miller's user avatar
  • 116k
29 votes
Accepted

How does the last few years of wages affect Social Security amount in the US?

Your social security benefit is calculated based on the 35 highest payed years of your career. So if you have fewer than 35 years of work history, those non-worked years count for 0, and won't ...
Daniel's user avatar
  • 5,330
29 votes

Should I delay taking social security

Social Security is designed to be actuarily neutral. Actuarily speaking the increase in monthly benefits you get from waiting to start your benefit is expected to equal the amount you'd gain from ...
Justin Cave's user avatar
  • 27.3k
26 votes

Scam? Phone call from "Department of Social Security" asking me to call back

The Social Security Administration mails documents; they don't call.
RonJohn's user avatar
  • 50.7k
25 votes
Accepted

Employer Side Social Security Overpayment

The employer part is not overpaid since it is a tax on the employer, and not the employee (IRC Sec. 3111(a)): In addition to other taxes, there is hereby imposed on every employer an excise tax... ...
littleadv's user avatar
  • 176k
22 votes

Scam? Phone call from "Department of Social Security" asking me to call back

I work as a contractor at the Social Security Administration(ssa.gov), and am working on documenting an app we have (eMailer) that allows employees to send you email or texts with pre-approved content ...
April  Salutes Monica C.'s user avatar
21 votes
Accepted

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

So long as you don't hate what you are doing, I'd say the price is somewhere in the neighborhood of $100-200 year of income to be worth the bookkeeping. I'd only say more than that if you have a ...
BrianH's user avatar
  • 11.7k
21 votes
Accepted

Tax and social security for low income

'Some people' should stick to what they know. At $85K, a single filer has a standard deduction of $12,200, so, say $73K taxable, and tax due, nearly $12K. VS the married, joint filer, total $92K ...
JTP - Apologise to Monica's user avatar
19 votes

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?

(Your situation is not unique: lots of people have part-time "sole proprietorship" side jobs.) Any revenue from your mobile app business is... income. Therefore you have to pay tax on it. Even if ...
RonJohn's user avatar
  • 50.7k
18 votes

Why Is Social Security Excluded From Retirement Savings Formulas?

Social security has a maximum payout of not greater than $3600 per month ($43,200 per year). That figure requires planning and to be a high earner. The average is approximately $1500 per month ($18,...
Freiheit's user avatar
  • 8,742
18 votes

Scam? Phone call from "Department of Social Security" asking me to call back

Of course you're being conned. Notifications of legal proceedings never come by phone. Never. All such calls are guaranteed to be scams. As for that call coming from the 210 area code, that's very ...
Carey Gregory's user avatar
16 votes

Would it be in general a best practice to use other retirement fund and wait till 67 to get Social Security in the US?

Each month from full retirement age (FRA) as defined by Social Security till age 70, your monthly benefit increases if you delay the start of SS benefits. The rationale for the increase is that the ...
Dilip Sarwate's user avatar
16 votes

In the US, is the Social Security benefit negatively affected if you have one or a few low income years?

So can it negatively affect the benefit number? How does it really work? No, it cannot. The earnings for past years are already recorded, and if you have 35 years of working history with higher wages ...
littleadv's user avatar
  • 176k
13 votes

Can I buy Social Security credits?

You cannot buy credits, but work outside the US can count. Norway is one of the countries that work qualifies: https://www.ssa.gov/planners/retire/international.html
StrongBad's user avatar
  • 1,143
13 votes

Tax and social security for low income

Your friend will absolutely need to claim that $7,000 of income as income, but it's fine for her to do this on the joint return with her husband. They'll need to file Schedule C and Schedule SE along ...
reirab's user avatar
  • 825
13 votes

I don't want Social Security Benefits, how do I not pay it's taxes?

Why do I have to pay this if I don't want to? Because that's the law. I don't want churches to be tax free, so what? why don't they just force me to pay $20k each year so that I can get a big pink ...
littleadv's user avatar
  • 176k
12 votes
Accepted

Is social security paid biweekly or monthly?

Social Security is paid on a monthly basis. From the program's website: SSI (Supplemental Security Income) Benefits SSI benefits are paid of the 1st of the month. Unless the 1st falls on the weekend ...
Michael's user avatar
  • 10.2k
12 votes

Will the Windfall Elimination Provision reduce my Social Security?

Your contributions that you've already made are made and done, and will not disappear. What the Windfall Elimination Provision does is make sure that people do not collect the subsidized low-income ...
Joe's user avatar
  • 35.8k
12 votes

In the US, does the Social Security benefit calculator assumes you work until the retire age?

The benefits estimate on ssa.gov is based on your earning history up to this point and an estimate of how much you will earn until retirement. Your estimate for age 62 assumes that you will work up ...
Ben Miller's user avatar
  • 116k
11 votes

Will the Windfall Elimination Provision reduce my Social Security?

The Windfall Elimination Provision will possibly reduce your benefits from Social Security depending on how much money you receive as a pension from the TRS. Money that is earned toward your TRS ...
NL - Apologize to Monica's user avatar
11 votes

Foreigner making voluntary US social security contributions to get a pension

No, you can't make voluntary contributions. You'd need to earn US income and pay US taxes in order to earn additional Social Security credits. Depending upon where in the world you live, you may be ...
Justin Cave's user avatar
  • 27.3k
11 votes
Accepted

Can I pay social security taxes if I don't work?

To answer your question directly, no it is not possible to elect to pay additional social security taxes when you have no employment income, in order to increase your future benefit. However, this may ...
Grade 'Eh' Bacon's user avatar
10 votes

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

I had a chat with a coworker whose spouse also teaches music lessons. One interesting insight was that after raising prices, the children were much more likely to come prepared because the parents ...
NL - Apologize to Monica's user avatar
10 votes

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

This is a scam. Here is information from an official USA government website. https://www.consumer.ftc.gov/blog/2018/12/what-social-security-scam-sounds SSA will never call to threaten your ...
Damila's user avatar
  • 1,327
10 votes
Accepted

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

No, it won't have an adverse effect, and it may have a positive effect. Social Security considers your best 35 years. If these couple years of low wages include earning less than any of those 35 years,...
yoozer8's user avatar
  • 9,513
10 votes
Accepted

Correcting Social Security Administration's record of my income

It is entirely possible that you had no FICA taxes withheld while you were a graduate student on stipend. There is a Student Exception to the FICA tax that may have applied to you. Your 1040 tax ...
Ben Miller's user avatar
  • 116k
10 votes
Accepted

If you are not eligible for social security by 70, can you continue to work to become eligible after 70?

You're talking about delayed retirement credits, not eligibility credits. To be fully insured you need 40 quarterly credits, and you can accrue them any time (source). Fully Insured To be fully ...
littleadv's user avatar
  • 176k

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