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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
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Closing time varies based upon day and market area (some municipalities require Sunday closings, whereas others do not). Carmax's website has a store locator which can give a more exact answer.
While Carmax may close the doors to new customers after a certain hour, customers already involved in the sales process are entitled to stay for the duration.
Are earnings in excess of the social security base amount are not taxed?
They are not subject to the Social Security tax. But they are subject to all other taxes including Medicare tax, federal income tax, and state income tax.
What is title II of the social security act?
The Social Security system was set up to give retired folks a source of a set income. Title II of the act covers the benefits for the disabled, survivors, and old age insurance benefits.
The contributions remain in the Social Security trust fund to be paid to other beneficiaries.
Has Obama borrowed from social security funds?
It's difficult to answer this question with a simple yes or not, because you really need to understand the mindset of the US government in general (and that portion of it in the Democratic party in particular) first.
There is no social security fund in the sense that it's actually a separate pot of money somewhere. It probably should have been, and there have been some attempts to set up something like a social security trust fund that the government can't dip into whenever they feel like it, but none that have really amounted to anything.
Instead, the money from taxes and FICA and whatnot all effectively goes into one big pot, and if there is at any time any money in the pot that isn't allocated to be spent on something somewhere, the government doesn't feel that it's doing its job.
Effectively, the government has been stealing the Social Security money for decades and using it for ... whatever other crap they feel like funding; underwater basket weaving classes for disadvantaged inner-city youth or something.
That's worked out thus far because more money has been coming in from FICA taxes than going out through Social Security benefits, even including those "Social Security" benefits that are actually more like what was traditionally called welfare and are beyond the original planned scope of the legislation (or at least the original stated scope of the legislation).
It's been pretty clear (again, for decades) that eventually the situation will reverse: more money will need to go out in benefits than is coming in through FICA. The deficit will skyrocket, the Social Security system will collapse in ruins, and taxes will go through the roof. But perish forfend we cut the underwater basket weaving classes, or any other entitlement, now in order to avoid raising taxes later (better known to elected officials as "after I'm no longer in office").
So, back to the original question: Has Obama borrowed from the social security fund? Hell yes. It's not his own personal fault, of course; this has, as previously mentioned, been going on for decades, so it's nothing new to the Obama administration specifically... but he hasn't said "no, I'm not signing a budget unless it stays within tax revenues and at least starts paying back the enormous debt we already owe to the Social Security fund" either.
Can a debt collector leave your social security number as a reference number in a telephone message?
No. Your social security number is part of the information protected by the Gramm-Leach-Bliley Act(GLBA), as nonpublic personal information. Your social security can not be found on the internet through any public webpage, and is not available in the phone book or any other publicly available media. To read the GLBA laws, visit http://www.ftc.gov/privacy/glbact/glbsub1.htm#6805. You may also want to read through the FDCPA at http://209.85.215.104/search?q=cache:N8VLI_XcsooJ:www.ftc.gov/bcp/edu/pubs/consumer/credit/cre27.pdf+fdcpa&hl=en&ct=clnk&cd=1&gl=us
Do California school employees pay social security tax's?
I'm not sure about part timers and administrators but... WHICH STATES EXCLUDE TEACHERS FROM SOCIAL SECURITY?
Fourteen states, including Connecticut, do not provide Social Security coverage for teachers. These states have so-called "independent" retirement systems for teachers and, in some cases, other public employees. The 14 states with independent retirement systems for teachers are: Alaska Maine California Massachusetts Colorado Minnesota Connecticut Missouri Illinois Nevada Kentucky Ohio Louisiana Texas
Is Social security tax and Medicare tax calculated on Discretionary bonus?
I concur, this is still considered income earned from employment and includable in the SS tax base.
Yes, bonus payments, in fact virtually anything received of value, are the same as cash or any other income received from your employer for tax purposes. It is simply an 'Income' and therefore subject to income based taxes.
(Depending on your particular plan, it may or may not be available for 401k matching).
No - you didn't discover some strange loophole (because they don't exist) - like the calling a payment something other than salary makes it not income and not taxable! (If you did, it would be corrected by law and regulation in like 1 minute!)
How do you sue for Social Security in Georgia?
You don't have to "sue" for Social Security in any state. You file an application. If your application is denied, you are probably ineligible, but you can appeal that denial, and some people win!
Social security disability insurance and social security benefits (SSB) payments are the same thing and from 50% to 85% of the amount received can become taxable income on your income tax return at your marginal tax rate when your income tax return is completed correctly and you have other worldwide gross income to be reported on your 1040 income tax return.
The SSB would ONLY be free of federal income tax when you do NOT have any other worldwide income to be reported on your 1040 income tax return.
If you have other worldwide income, tax exempt interest, tax exempt dividends, etc it is possible that from 50% to 85% of your social security benefits could become taxable income on your income tax return at your marginal tax rate.
Go to the IRS gov website and use the search box for IRS Publication 915, Social Security and Equivalent Railroad Retirement Benefits. Publication 915 is available on the IRS Web site
Use the search box for 1040 and choose the 1040 instructions
Page 28 of the 1040 instructions book has the Social Security Benefits Worksheet for Lines 20a and 20b of the 1040 tax form.
If you received income from other sources, your benefits will not be taxed unless your modified adjusted gross income is more than the base amount for your filing status.
For a single taxpayer the base amount (cap) is 25000.
Your taxable benefits and modified adjusted gross income are figured on a worksheet in the Form 1040A or Form 1040 Instruction booklet.
You can do the following quick computation to determine whether some of your benefits may be taxable:
*.First, add one-half of the total Social Security benefits you received to all your other income, including any tax exempt interest and other exclusions from income.
*.Then, compare this total to the base amount for your filing status, if the total is more than your base amount, then some of your benefits may be taxable. From 50% to 85% of your SSB can become taxable income on your 1040 income tax return and would be added to all of your other gross income and taxed at your marginal tax rate.
For additional information on the taxability of Social Security benefits, Go to the IRS gov website and use the search box for IRS Publication 915, Social Security and Equivalent Railroad Retirement Benefits.
Can a social security number start with 9?
No. The Social Security Administration does not issue SSN's beginning with the number "9", same is true for "666" in positions 1 thru 3 and "000" in positions 1 thru 3.
Can you still get social security while attending college?
No. At one time a student could go to college if he had a parent that had died or was disabled. This benefit was cut in 1981 under the Reagan Administration.
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How much social security is deducted from 102000 income?
I have reached $102,00 and my decuction for the year is $6,324.
Are your IRA funds subject to social security tax?
A Roth IRA is supposed to be free of "all taxes", so I would guess that it is also free of social security tax, or else it would have a 15.3% tax on it. That would hardly be "free", but this is actually a good question. A regular IRA IS taxed upon withdrawal, but I don't know if it qualifies as "earned income" which is the only income that has to pay a social security tax.
Maybe. Although SSD and all other SS and private disability benefits are exempt from garnishment by creditors by federal and state laws, the laws do not apply to child support and/or spousal maintenance. Therefore, what action if any the ex-spouse can take against SSD benefits depends upon the terms of the spousal alimony/maintenance order.
Can you take money out of your social security if your 18?
No you must wait till age 62 at a min. unless you become disabled sooner then you have to apply for disablility and be approved by social security.
What does Social Security offer for the unemployed?
Social Security is not a solution for unemployment. It was meant for those retiring or disabled and was contributed to while the person was working. Unemployment benefits are paid into the system by businesses for those who lose their jobs.
Yes, unless otherwise directed in the will all payments of that sort should go to the most direct family member i think the widow has priority over the children as well
Why should the government keep social security?
The biggest argument in favor of keeping Social Security is that since 1935 all workers in the U.S. have been funding Social Security through the Federal Insurance Contributions Act (FICA) taxes that are deducted from their pay with the promise that some day it will be their turn to collect payments, which will be funded by the FICA taxes collected from the next generation. The reason Social Security is failing is that in 1935 they did not anticipate that the ratio of retirement-age people to working-age people would increase as much as it has.
