when i was 16 years old i was earn monthly 1500 dollar
To the same place that it was going before you started receiving your SSB. To the trust fund.
Sure, but it's a waste of time. Applying for disability is a pain in the a** and it won't get you any more money. You should be collecting regular Social Security right now, even if you're still working.
Social Security payments received upon retirement depend almost entirely on the amount of money that has been paid into the system in the working years before that time. How much work is done and what income is earned are the main factors. Also important are the legal guidelines of the Social Security system itself at the time of one's retirement.
You cannot access your social security entitlement until you are eligible to collect social security. Then the people who are working will fund your entitlement.
Social security is basically when the government takes a certain percentage of money from the working generation and gives it to the retired generation. When the working generation become retired, they receive social security. Social security started after the Great Depression, when the government needed to make sure that people had money stored away to live after they stopped working. People get certain amounts of social security depending on how much they and their spouses worked as young people, as well as what jobs and how much they gave to social security. The current problem with social security is that the baby boomers are now becoming retired, and there are more of them than the current generation of working people. There is not enough money to support these retiring people, and unless the government subsidies social security or takes other measures, it is likely to fall apart before people currently in their 30s and 40s become retired. So basically, the idea of how social security works is that you put away money and you will get that money when you retire.
It depends on several factors. First of all if your entire working career has been as a teacher in one of the 14 states whose teachers do not pay into social security, then the answer would be that you would receive no social security benefit because you never paid any money into it. Now, lets say you work as a teacher for 15 years in a state whose teachers DO pay into social security, such as Pennsylvania. You then decide to work for 15 years as a teacher in Ohio whose teachers do NOT pay into social security. Once you retire, you would indeed get social security due to the fact you worked 15 years in PA and paid into SS. HOWEVER, you would take a hit (called the Windfall Provision) because you are also collecting money from Ohio's pension.
is there a limit as to how much money a person on social security can accumulate
No, you cannot use a social security card to withdraw money. A social security card may be useful if you want to open a bank account, though, and you can withdraw money from that.
How much money can I earn monthly while on Social Security disability Insurance
No. The social security tax for 2016 was 6.2 percent of your income and your employer had to contribute an additional 6.2 percent for a total of 12.4%. Their is no option to withhold more or less. To increase your contribution, you need to earn more money, work for a longer time before retiring, or delay collecting social security as each year you wait to collect social security the amount you can get increases.
The IRS seems to be happy as long as they get their money. Lots of people have retired and started collecting Social Security while paying back taxes. I have no idea how it works, but I know people who have done it.
The Internal Revenue Service (IRS) is tasked with the responsibility for collecting most federal taxes, including the Social Security taxes. Social Security taxes are deposited into the United States Treasury and credit is given to the appropriate Social Security Trust Fund. The Social Security Administration (SSA) administers the Social Security programs and distributes the benefits to eligible recipients.