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What if you paid too much social security tax?
The wage base limit for social security tax withholding for 2008 is $102,000. The withholding is 6.2%, so the maximum per employee for the year is $6,324. Any amount withheld beyond that limit due to multiple employers is available as a credit against your income tax. If one employer erroneously withheld excess social security tax, that employer should make the correction.
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FICA contributions, including various sub (categories of things like SS, Disability, Health, etc) are 15.30% of FICA wages. What is considered FICA wages differ from other wag…e considerations in many ways, (it has a top limit of about 106,800, how pension contributions factored, State taxes, etc.). If you are an employee, the employer MUST pay half of the contribution so you pay 7.65% and the employer pays the same. If you're self-employed, the amount normally paid by the employer is collected through something called the "self employment tax" when you file your income tax return.
That information is classified as personal. You may request YOUR SS statement on line. Your Social Security statement shows what earnings were taxed. To start and see if you c…an find the information that you want you may have to contact your local SSA office. You can also go to the SSA.gov website and use the search box for Your earnings record secure.ssa.gov/apps6z/isss/main.html ONLINE Monday through Friday - All Day (except 2:00 AM - 3:00 AM) Saturday 5:00 AM - 11:00 PM Sunday 8:00 AM - 10:00 PM Holidays 5:00 AM - 11:00 PM The Social Security Statement is a valuable document that estimates your future Social Security benefits and tells you how to qualify for those benefits. This service allows you to transmit your request for a Social Security Statement using an online form. However, we do not send your Statement information back on the Internet. Instead, you will receive a response to your request by U.S. mail in 2-4 weeks.
The social security tax is 6.2 percent of an employee's wage. An employer also contributes another 6.2 percent, which is a total of 12.4 percent.
In the UK you do not pay tax on social security benefit. In the USA the Social Security tax is levied equally on employees and employers. It is about 7.65% on each. The tax …is limited to a certain dollar amount each year for highly paid workers. Self-employed people have to pay in both halves (15.3%).
Well ptretty much the onlyway that can happen is if you had more than one employer and reached the max SS income (something like $108,500) that year. So employer one pai…d over on the first say 70K and employer 2 on the next say 60K...which means you paid on 130K (over the max). There is a part of the standard 1040 filing that leads you to another form you complete if this has happened.
No you do not have to have taxes taken out of your SS check. Unless you specifically request to have taxes taken out, they will not be taken out. But remember that whether y…ou have taxes taken out or not does not affect the taxability of your payments. At the end of the year, you have to fill out Form 1040 to figure out if you owe any taxes. If you didn't have enough taxes taken out, you will have to pay the difference at that time. If you had too much tax taken out, you will get a refund. Whether your SS benefits are taxable is a fairly complicated calculation that depends on your filing status, your total income, and amount of non-taxable income such as municipal bond interest. See Publication 915 for details of how to determine if your Social Security benefits are taxable: http://www.irs.gov/pub/irs-pdf/p915.pdf
Half of the total amount, commonly said to be 7.65%...although that actually includes the little medicare parts too.
How can a married stay at home mom that has never paid taxes get paid as much or more in social security benefits as a single working mom who is the breadwinner homemaker and caregiver combined?
If you were a employee and had a employer you can use the below information for your situation. Firms and workers file Form SS-8 to request a determination of the status of a …worker for purposes of federal employment taxes and income tax withholding. A Form SS-8 determination may be requested only in order to resolve federal tax matters. If Form SS-8 is submitted for a tax year for which the statute of limitations on the tax return has expired, a determination letter will not be issued. The statute of limitations expires 3 years from the due date of the tax return or the date filed, whichever is later. The IRS does not issue a determination letter for proposed transactions or on hypothetical situations. We may, however, issue an information letter when it is considered appropriate. The above information come from the Form SS-8 page 4 and it is available by going to the IRS gov web site and using the search box SS-8 You can click on the below related link
You cannot qualify for any of the social security disability or other social security benefits unless you have worked and paid taxes into the Old Age Survivor and Disability I…nsurance (FICA) (social security and Medicare taxes) program. You may be able to qualify for the SSI program. Supplemental Security Income (SSI) program is a Federal income supplement program funded by general tax revenues (not Social Security taxes): It is designed to help aged, blind, and disabled people, who have little or no income; and / It provides cash to meet basic needs for food, clothing, and shelter. To apply for the SSI program you will have to go to the local SSA in your area for the forms and assistance that you will need in completing the forms correctly.
To start and see if you can find the information that you want you may have to contact your local SSA office. You can also go to the SSA.gov website and use the search box for… Your earnings record secure.ssa.gov/apps6z/isss/main.html ONLINE Monday through Friday - All Day (except 2:00 AM - 3:00 AM) Saturday 5:00 AM - 11:00 PM Sunday 8:00 AM - 10:00 PM Holidays 5:00 AM - 11:00 PM The Social Security Statement is a valuable document that estimates your future Social Security benefits and tells you how to qualify for those benefits. This service allows you to transmit your request for a Social Security Statement using an online form. However, we do not send your Statement information back on the Internet. Instead, you will receive a response to your request by U.S. mail in 2-4 weeks.
The employer and employee both contribute to the fund.
How much of the social security has the government paid back of what they borrowed as that interest too?
At the end of the year you will get a statement from Social Security. It will have the amount of money you received, for the year, from Medicare.
check with social security adminstration office.
How much tax on 815.00