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How long do you have to pay into social security?
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The answer depends on your individual circumstances. If you are retired and Social Security benefits are your only source of income, you may file, but generally will not be …taxed. If you also receive income from sources other than Social Security, your benefits will be taxed if your total taxable income exceeds a certain threshold. The formula is very simple. Your adjusted gross income (AGI), meaning income from all taxable sources, will fall into one of the following categories. Depending on your personal situation, you could be taxed on 0% of your Social Security benefits, on 50% of your benefits, or on 85% of your benefits. For a single taxpayer the base amount (cap) is $25,000.If your total AGI is $25-34,000, you will pay tax on 50% of your Social Security benefitsIf your total AGI is above $34,000, you will pay tax on 85% of your benefits For married couples filing jointly, the base amount is $32,000If your total AGI is $32-$44,000, you will pay tax on 50% of your Social Security benefitsIf your total AGI is above $44,000, you will pay tax on 85% of your benefits
NEVER not as long as you are still breathing and receiving any of the types of qualified earned income from an employer or being a self employed taxpayer and receiving income …that you have worked for provided your services to earn.
In the United States, Social Security is financed through taxes taken from the employee and a percentage of the employee's wage that the employer is required to pay. That is, …the employer pays the percentage in addition to that which is paid as a wage or salary to the employee. At the start of the scheme, the percentages were rather low, and the representation to the public, in order to gain approval of the system, was that the payments would stay low and that the money would be kept in a proverbial "lock box". This led people to believe that the money would not be used for any other purpose than to pay retirement benefits that were initially promised. The stated purpose of the plan was to make sure that upon retirement, if people had not provided for themselves, they would have some minimum income. Among the things that have happened over the years is that the government has "raided" the lock box (sometimes called a "trust fund") and replaced money with IOU's, using the funds for other purposes. Another thing that has happened is that people are living longer and birth rate has slowed, such that more people collect than there are active employees paying into the system. That is contributing to the insolvency of the system. There is an unfairness inherent in this in that younger workers are taxed disproportionately to pay benefits to the elderly and therefore money is drained from them that might otherwise be applied toward their own ultimate retirement.
Once a garnishment order that involves federal matters is executed it remains in affect until the debt is paid in full or the debt is forgiven under the existing laws for fede…ral student loans. In rare cases debt for federally funded student loans are cancelled when it can be proven by the debtor that he or she due to some extreme circumstances (physical impairment for example) will never be able to meet the financial obligation.
You stop making FICA contributions (Social Security, Medicare, etc.) when you are no longer earning wages, or if you are being paid by an entity not required to withhold these… taxes from your paycheck (non-profit agencies, certain state and local government bodies, etc.), unless they do so voluntarily. Most people, including those already drawing benefits, pay into Social Security as long as they continue working, regardless of age.
The taxes that you are paying now for for the social security and medicare insurance program are being used to pay for the benefits that the current beneficiaries are receivin…g at this time and also some of the amount is being put into a trust fund that has some government assets for use in the future for your insurance benefits.
No. Social Security pays cash benefits and makes disabled and retired people eligible for Medicare, medical insurance available through the US government. Medicare does not pa…y for elective procedures, like liposuction.
No. Social Security is only taxable if you have other income in excess of certain thresholds. Since you have no other income, your Social Security is not be taxable.
That depends on what kind of coverage you elect. Medicare Part A (hospitalization) is paid out of the FICA contributions you made during your working years, so there is no c…ost to you when you retire or become disabled. Medicare Part B (government-administered outpatient, doctors' visits, etc.) costs $110.50 per month in 2010 and 2011, or Medicare Part C (Medicare Advantage Plans, run by private insurance companies) costs $110.50 and up. Medicare beneficiaries may choose either Part B or Part C or neither, but not both. Medicare Part D (government-subsidized drug benefit) costs vary from less than $20 per month to $130 per month or more, depending on coverage offered. Many Medicare Advantage Plans provide at least some drug coverage. If you decide to carry Medicare Parts B, C, or D, the monthly premium(s) is/are deducted from your benefit check. Many low-income individuals qualify for government subsidies to pay part or all of Parts B and D coverage.
YES it is taken out of every pay check before you get it.
Presumably the question is about U.S. Social Security taxes. Social Security taxes (commonly referred to as FICA taxes) are taken out of your earnings each time you receive a …paycheck. This rule applies even if the employee is already receiving Social Security benefits. However, by continuing to work, future Social Security benefits may be increased to take into account the additional earnings.
How long does it take for Social Security to issue back-pay on a disability claim and how much will it be?
The length of time it takes to receive a decision on your disability claim is from 3 to 5 months. It can vary depending on several factors, but primarily on: the nature of you…r disability;how quickly we obtain medical evidence from your doctor or other medical source;whether it is necessary to send you for a medical examination in order to obtain evidence to support your claim; andIf your claim is randomly selected for quality assurance review of the decision. If you have further questions, you may call our toll-free number, 1-800-772-1213 or TTY 1-800-325-0778. Our representatives will be glad to help you in any way they can. Go to the SSA.gov website and use the search box for HOW LONG WILL IT TAKE TO GET THE DISABILITY BENEFITS or copy and paste the below website address in your address bar.
Social Security doesn't pay for any medical care. Medicare will pay for group care for a limited period when necessary for rehabilitation.
Read the part in your tax guide that has a simple equation for determining the the amount of social security to report. It is a small fraction of what you actually receive tha…t you need to report as income.
Many independent contractors (those who receive a 1099 tax form) do not make FICA contributions. Unfortunately, if you don't pay into the Social Security trust fund, you may n…ot be eligible to collect benefits from it later.