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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
How will my coming retirement affect the disability benefits I'm currently receiving?
There are only a couple factors that would affect your disability benefits. It depends on when you were injured and how you were compensated for the injuries that occured. Your best bet is to contact the Social Security office and ask to speak to someone there about your current situation.
Why was social security invented?
to assure the elderly that if another event like the Great Depression were to occur, elderly would be given a type of 'allowance' so that they could survive through hard times. During the Great Depression the elderly couldn't find jobs or were unable to work so social security was invented to bring aid to the elderly and disabled.
What percentage is taken out of an employee's pay check for social security tax for 2009?
Just about eveything you need to know about this and most any payroll matter is addressed in the famous Publication 15.
http://www.irs.gov/pub/irs-pdf/p15.pdf
6.2 percent is taken out of an employee's paycheck for Social Security Taxes
Can a wife receive social security if her husband receives railroad retirement?
Hi I am 55 years of age. My ex husband is 61. We were married for 22 years while he worked for the railroad. He just recently retired from the railroad after 40 years and is drawing his retirement. I am asking can I draw my portion of his railroad retirement and my own social security that I have paid into working through my own jobs through the years past. I am living with relatives at this time because I do not have a job, no health insurance and no way to support myself.
Can you still receive Social Security benefits if you move out of the state you live in?
Yes. Social Security is a federal program administered by the states, but the rules are the same regardless of your state of residence. Persons who qualify for SS benefits may live where they choose and not lose their eligibility.
How long does it take to receive social security once you sign up?
I was just approved last month for disability from a injury and the said its now direct deposit or if you have no bank account the send you a debit card, each month there is electronic deposit made for that month. I should get my first check 6-8 weeks after my approval date.
I read in the paper work paperless saves millions so its now mandatory. If you were on social security for more then a year it says change over by 2012 to paperless.
What information is tracked by the federal government through a Social Security number?
The number of quarters (three-month periods) an employee has worked and the amount of money an employee has contributed to the Social Security Trust Fund. Social Security numbers are also linked to Medicare and some other services provided by the federal government.
Can IRS take my social security check for back taxes?
IRS can take 15% of a social security check under the federal levy payment program and more under regular levy procedures. That happens very infrequently and only to people who have made themselves extra deserving of harsh treatment.
If it is creating a hardship you should contact IRS - ask that the account be reported currently not collectible and the levy released.
Does Line R on a Social Security application concern disability?
"Line R" is part of a come-on used to promote Steve Sjuggerud's TrueWealth investment advisory; you won't find a specific reference to this anywhere else, unless the person is talking about Steve Sjuggerud's investment program.
Line R refers to "File and Suspend," filing for Social Security retirement benefits and immediately telling the Social Security Administration to suspend the claim. This allows a spouse to receive retirement benefits while the person who filed the claim continues working.
This particular "secret" only applies to married couples, and only if one spouse is full retirement age (65, if born before 1943; 66 if born between 1943-1954) and plans to continue working beyond retirement age. It provides the most advantage to a family where one spouse doesn't work, or only works part-time and earns $14,160 per year or less, and the other spouse works full-time until age 70.
The non-earning (or low-earning) husband or wife can retire as early as age 62 and draw social security benefits against the working spouse's earnings record, if the working spouse is at least full retirement age. Minor children, if any, are also eligible to receive benefits.
In order for this to work, the 65/66-year-old worker must file for Social Security retirement then suspend the claim (on Line R) and continue working in to earn credits toward higher future benefits (these max out at age 70). Under these circumstances, the family will receive social security payments for the non-working spouse, but nothing for the working spouse until he or she re-files for retirement a few years later.
Contrary to popular belief, this is not really a "secret the government doesn't want you to know," but the bi-product of too many regulations and loopholes and too much documentation for most people to keep track of.
You can learn other tips about maximizing your Social Security benefits and minimizing your taxes by reading free articles from credible sources. To get started, see Sources and Related Links, below.
Is paying social security mandatory?
Paying Social Security taxes is mandatory, however. Even if your income exceeds the means testing limits, you are still required to pay Social security (FICA) taxes on the income that falls beneath it.
So, it is quite better to have the Social Security earnings statement as it will give a better, easier, comfortable, less-dependent life after the retirement.
Social security my account describes it is the best way why to have it as retirement savings. So, have it and make your happy days, even happier.
Can you apply for social security disability if getting social security?
When people refer to "Social Security," they general mean retirement benefits. SSDI is Social Security Disability Insurance, which is paid from the same fund, but available only to disabled people who are below full retirement age.
If you're asking whether you can receive both Social Security retirement and Social Security disability benefits, the answer is no. If you meet SSA guidelines for disability, you receive SSDI until you become ineligible or reach retirement age, whichever occurs first. If you remain on SSDI until retirement, your Social Security benefits automatically convert from disability to retirement. You can't receive both at the same time.
If you're asking whether you can receive private disability insurance payments after you begin receiving Social Security disability or retirement benefits, that depends on the policy. Consult with your insurance agent or employer for more information.
Who voted to transfer social security funds into general fund?
it was never transferred to the general fund.
Can i collect social security and unemployment at the same time in the state of Florida?
Florida does not have state disability benefits.
You can get private disability coverage in Florida. Check your policy to see the integration language relating to social security disability. You can collect on both policies at the same time, however the private policies will offset the benefit to a varying degree.
Can an incarcerated person receive Social Security benefits?
No. A person who lives for more than 30 days in a tax-supported facility, like jail, prison or a nursing home, cannot receive Social Security benefits. If the person is later released, he or she can begin receiving payments again, but will not be paid back benefits for the time spent incarcerated.
What motivated the creation of the social security program?
The Social Security Act (1935) provided for: a pension for retired and disabled workers ("Social Security"); Aid to Dependent Children (ADC, later Aid to Families with Dependent Children, AFDC, still later Temporary Assistance for Needy Families, TANF); Aid to the Aged, Blind and Disabled; and unemployment insurance benefits.
How can you purchase homeowner insurance without a social security number?
Yes, there are a few companies that offer it if you have a visa or an ITIN number. Be careful though, some agents will tell you theirs does just to make the sale. - insuranceman@americanshieldgroup.com
The judgment creditor can execute the judgment as a bank levy in which case, the bank must release the amount of funds stated in the court order regardless of how the funds are deposited in the account.
The entire balance of an account can be seized if it is needed to pay the judgment order. The judgment debtor should take steps to protect funds within the account that might be considered exempt (Social Security benefits, disability benefits, monies that belong to an account holder who is not the judgment debtor, etc.)
Who was the social security act designed to help?
- People of old age, Unemployed, blindness, physical handicaps, delinquent children, and other dependents.
- People who already have retired; people who are disabled; survivors of workers who have died; and dependents of beneficiaries all receive Social Security benefits.
Where can I find information about social security benefits?
There is a simplified version of the Social Security benefit rate tables available via Sources and Related Links, below.
Will Social Security benefits be lowered if you draw unemployment in Colorado?
Social Security has no affect on Colorado's unemployment benefits. Only 4 other states have their unemployment offset by a portion of Social Security.
What is the cost of living adjustment for 2011?
There will be no COLA for 2011. There has been no increase in purchasing power and therefore no increase in COLA benefits. The most current explanation can be found here: http://www.ssa.gov/cola/
What happens to money when it is withheld from your paycheck for social security?
The taxes are sent to the taxing authorities. For example, your federal income taxes and Social Security taxes are sent to the IRS. State taxes are sent to your state tax department. Other deductions are sent to the appropriate party. Charity deductions are sent to the charity. Insurance deductions are sent to the insurance company (or kept by your employer if they are self-insured). Savings deductions are sent to the savings institution. 401k deductions are sent to the 401k trustee.
What is the allowable earnings with social security?
The 2010 cap is $106,800.00, which would result in 6621.60 (6.2%) being withheld.
There is no cap on the Medicare insurance contribution amount, so the 1.45% amount will continue to be withheld on all earnings, and will be matched by your employer at 1.45% for a total 3.90% for the year.
Can you draw unemployment if you medically cannot work?
Generally, the answer is no.
The reason is because in order to claim Unemployment Benefits, you must be seeking work - and obviously if you are in the hospital or recovering from surgery you would not be doing that.
You may be able to file for Disability insurance.
