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Social Security

U.S. OASDI social insurance system funded by FICA payroll taxes and originally created by the Social Security Act of 1935

3,984 Questions

What are the benefits of taking Chondroitin?

Chondroitin is often taken by those with joint problems. According to some studies, taking chondroitin increases the natural production of chemicals that repair cartilage. This can ease some types of pain in the joints.

What can they do if you draw SS and work part time just to make ends meet?

You can draw Social Security retirement benefits while working, but if you earn more than an annual limit in your work (which is $15,480 for 2014), your Social Security benefits may be slightly reduced. The amount of reduction can vary based on if you are under full retirement age, too.

If you are under full retirement age for the entire year, your Social Security payment will be reduced by $1 for every $2 you earn above the annual limit. If you earn below that $15,480 amount, though, you will not face any reduction in SS payments.

If you reach full retirement age in the year, your SS is reduced by $1 for every $3 earned above that annual limit.

Once you reach that full retirement age, you will get full benefits no matter how much you earn.

Is the Social Security Trust Fund part of the national debt?

The $2.5 Trillion of debt obligations held by the SS Trust Fund are most certainly part of the National Debt. The obligations are legally parri passu (equal under the law) with the debt held by the public.

Do royalties on mineral rights effect Disability benefits from Social Security?

There is no causal relationship which may indicate that mineral rights or royalties thereon have an effect on disability benefits.

Will you get your social security check on December 272013?

These checks are sent out over a months time. The check you get probably will come on a different day than other people.

What is the maximum monthly amount of social security that a person can draw at retirement age?

To answer this we need you to specify the country your are asking about, Different countries have different rates.

How many people millionairs receive social socurity?

Yes. It doesn't make a difference whether you actually need it or not.

Is Social Security Disability a universal program?

no. social security is a US thing. many countries still discriminate against the disabled.

What is Social security tax used for?

Social Security in the US is a social insurance program funded by payroll deduction taxes via the Federal Insurance Contributions Act (FICA)

Among other things SS tax helps fund the following

Federal Old Age, Survivors and Disability Insurance

Unemployment Insurance

Temp Assistance to Needy Families

Medicare

Medicaid

State Children's Health Insurance Program (SCHIP) (kind of a hot topic as of late)

SSI - Supplemental Security Income

Is it possible to receive a social security benefit of 25000 dlrs. per year?

According to the Social Security Administration, the maximum benefit for a worker retiring at full retirement age is $2,116 per month in 2007. That is $25,392 per year. So the answer is yes. However, in order to receive that benefit, one must have had an annual income at or near the taxable maximum in the years leading up to retirement ($94,200 in 2006).

When you pay back taxes can you accumulate Social Security points?

No. FICA contributions are automatically withheld from your pre-tax wages. You can only accumulate a maximum of four credits per year, at one credit per $1,120 of earnings.

The federal government does not reward delinquent taxpayers by allowing them to accrue extra Social Security credits for doing what they were supposed to do on April 15. When you pay back taxes, you do save money in the form of future penalties and interest.

How can you do oasdi taxable earnings?

Earned income wages salaries, tips, etc the amount from box 1 of your W-2 form and the net profit from self employment income is some of the income that is used to calculate the amount of OASDI (social security and medicare taxes) (FICA) that will be withheld or paid from your wages or the net profit from a self employed business.

Will getting married affect your social security benefits?

No. Social Security does not have a marrige penalty. A married coupled lifetime's earnings are calculated independently to determine to benefit amounts. Therefore each person recieves a monthly benefit amount based on his or herown earnings.

What is the full form of SSA in the term SSA Gov?

The SSA, or the Social Security Administration, asks people to fill out a form to apply for social security. the 1099 form for social security is for tax purposes to make sure one pays their social security tax.

How do you figure out the Social Security Benefit Worksheet - Lines 20a and 20b?

Line 20a is the amount shown in Box 5 on the SSA-1099 or RRB-1099 form the Social Security Administration should have mailed to you at the end of January.

Line 20b is calculated based on your total household income and your filing status.

Filing Single

  • If your total annual income is less than $25,000, your tax rate for Social Security is 0%. (0)
  • If total annual income is $25,000-$34,000, your tax rate for Social Security is 50%. (.5)
  • If your total annual income is $34,001 or more, your tax rate is 85% (.85)

Married, Filing Jointly

  • If your total annual income is less than $32,000, your tax rate for Social Security is 0%. (0)
  • If total annual income is $32,001-$44,000, your tax rate for Social Security is 50%. (.5)
  • If your total annual income is $44,001 or more, your tax rate is 85% (.85)

Example:

Suppose Box 5 on SSA-1099 says $14,000 <--write $14,000 on Line 20a

If I am married, filing jointly, and my husband earns $50,000 per year, our total household income would be $64,000. That means the taxable part of my Social Security check is 85%, because our income is above $44,001.

Multiply the $14,000 from Box 5 by .85 (tax rate)

$14,000 x .85 = 11,900 <-- write $11,900 on Line 20b

Summary

Line 20a = $14,000

Line 20b = $11,900

What is security needs?

Security needs. The need to be free from uncertainty concerning one's survival needs.

When does security use handcuffs?

That depends on who you work for and also the type of security your doing. However, if a person hits you, you can definitely put Handcuffs on them.

Can anyone use your social security?

No one but you can use your social security legally. However, some thieves may try to steal your social security. If you find out that someone has stolen your social security, you should report them to the police.