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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 facts about the Social Security Act of 1935?
The federal retirement plan enacted by Congress in 1935. The original purpose (unchanged today) of the Act was to adopt a system that required the current working generation to contribute to the support of older, retired workers. The Act was passed in response to old-age dependency resulting from Depression-generated phenomena.
If you are 67 and still working do you have to pay taxes on Social Security?
YES. From 50% to 85% of your SSB amount that you are receiving can become taxable income on your 1040 federal income tax return.
As long as you are still breathing and earning any amount of qualified earned income you will still be paying the social security and medicare taxes on the earned income.
Go to the IRS gov website and use the search box for IRS Publication 915, Social Security and Equivalent Railroad Retirement Benefits.
Use the search box for 1040 and choose the 1040 instructions go to Page 28 of the 1040 instructions book page that 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.
How much do you get monthly income on social security disability income?
How much money can I earn monthly while on Social Security disability Insurance
Can you collect NH unemployment and social security benefit at the same time in NH?
Yes, if you qualify under each program. Both Social Security and the State of Michigan allow workers to collect unemployment compensation and Social Security benefits at the same time without applying an offset or penalty to either check.
Bear in mind that you have to be actively looking for, and willing to accept, a full-time job, per your unemployment agreement. You can collect retirement benefits as early as age 62, but you can't actually retire while you're also accepting unemployment compensation.
Is it possible to receive unclaimed Social Security benefits from a parent?
No. There really is no such thing as "unclaimed" Social Security benefits. If a person pays FICA (Social Security and Medicare) taxes but dies before he or she can collect benefits, his or her widow or widower and minor children, or adult children disabled before age 22 (if applicable) can collect monthly checks for survivors' benefits.
Able-bodied adult children or those who became disabled after age 22 cannot collect money from a parent's Social Security (FICA) contributions. The unpaid amount remains in the Social Security trust fund.
It is possible that a deceased parent was due one monthly Social Security payment at the time of death. Under these circumstances, the benefit can be paid to the next of kin. For more information, see Sources and Related Links, below.
What social security benefits are available to the minor children of a deceased parent?
If a parent receives Social Security Disability (SSDI) or retirement benefits, his or her minor children can also receive a monthly benefit until age 18, or age 19 if the child is still in elementary or high school. Extended benefits terminate at the end of the school year, or two months after the child's 19th birthday, whichever occurs first.
Social Security is a federal program; the rules are the same regardless of your state of residence.
There are different rules for Supplemental Security Income (SSI), a form of welfare for disabled people and those over 65 who have little other income and few assets. People frequently confuse SSDI and SSI. SSI rules and payments vary somewhat by state.
Can you get child support and ss survivor benefits?
If the child's RSDI benefit is based on the obligor's SSA account, it is considered child support. If that benefit exceeds the amount ordered for child support, the obligor does not owe any additional payment.
What is retirement age if you were born in 1959?
you will be 40
Here's another view:
You can compute it by subtracting the birth_year against the current_year, the result is the present age. So, current_year - 1969 = present age.
42
Can a child collect social security on a deceased parent after they turn 18?
If a working parent has met all the other criteria, then upon his death his dependents would qualify for Social Security benefits. By dependents, I mean children, spouses, etc. There is no cause of death clause in Social Security survivor benefits, like you would find in a standard life insurance policy. 33% of Social Security benefits are given to adults. Whether there is a surviving parent does not matter. In fact the surviving spouse would also receive survivor benefits.
What year did the United States start using social security numbers?
According to Social Security online Social security numbers were first issued in November 1936. For more history on social security go to: http://www.ssa.gov/history/hfaq.html
When would you see the raise in social security benefits?
At this time August 6 2010 no one would know when or what year that a COLA raise will added to the the social security benefit amounts that are currently being received in the year 2010.
You could try using your own guess or crystal ball for this purpose.
Are unemployment benefits effected by Social Security benefits in Arkansas or Iowa?
No. Neither state offsets unemployment benefits by the Social Security benefits.
Which administration started the taxing of Social Security?
Reagan started taxing Social Security in 1984 up to 50%. Clinton raised it to up to 85% around 1993.
How early can you receive social security benefits?
Retirement Benefits
Once you qualify for Social Security retirement benefits, you will receive compensation until you die unless you're younger than SSA's full retirement age (typically 66 for those currently considering retirement) and you exceed the annual earned income cap of $14,160 by enough to temporarily disrupt payment while the amount is being offset. Cash benefits also end if you are incarcerated or enter a nursing home for more than 30 days.
When you reach full retirement age, the income limit will be lifted and you will receive benefits until you die.
Disability Benefits
If you receive Social Security disability payments, your benefits will continue until you are capable of engaging in Substantial Gainful Activity (often defined as earning more than $1,000 per month for most disabilities, or $1,640 per month for blindness) or until the payments convert to retirement benefits. As with retirement benefits, disability benefits stop at any time you are incarcerated or maintained in a tax-supported facility for more than 30 days. If you are otherwise eligible, benefits will resume after your release, but you will not receive back pay for the time you were under the government's care.
If you are receiving Social Security Disability payments can you work part time?
A simple answer is: "Yes". However, I have a sense there is more to it. If you are asking more specifically can they work and still receive the benefits then the correct answer is: "It depends".
If you want to know more, a good place to start is to look at how your Disability Income Insurance plan or policy is written. It may have riders that provide for partial benefits after the insured returned to work.
For example, with some companies an insured could choose a partial disability benefit rider. Here is what that rider would do.
When the insured sustains a loss of income as a result of disability but can still perform some work at a lower pay, a partial benefit rider would pay a certain stipulated amount to mitigate the result of the income loss.
For instance, a brain surgeon who lost a finger cannot operate and get paid as a surgeon ever again. However, he or she could teach and receive some income from teaching. If they happen to have a disability policy in force that has a partial benefit rider that covers this situation they can receive the benefit.
How much can you earn without penalty while receiving Social Security Retirement?
The Annual Earnings Test for 2011 hasn't been released yet, but budget projections indicate there may be no change from 2010. For the 2010 tax year, the answer depends on your age.
If you've reached full retirement age (65 for people born prior to 1943; 66 for people born between 1943 and 1954, gradually increasing to age 67 for people born after 1954), there is no limit to how much you can earn.
In the year you reach full retirement age, you can earn $37,680 annually, but for every $3.00 over the limit, $1.00 is withheld from your benefits until the month your reach full retirement age.
If you don't reach full retirement age in 2010, you can earn $14,160 per year without incurring a penalty. For every $2.00 over the limit, $1.00 is withheld from benefits.
What was the 1994 maximum Social Security withholding amount?
In 1990, the Social Security contribution base was $51,300. One Social Security work credit cost $520 in earned wages, for a maximum of four credits per year at $2080.
How much can you work and collect social security?
On a regular Social Security retirement, if a person retires before full retirement age, you are allowed to make $15,120 before your benefits are reduced. After the $15,120 amount has been passed one dollar of benefit will be deducted for each two dollars you earn.
How much can one earn a week on ssi?
you can earn up to $80.00 a week and still be elligable for SSI and Social Security. you can earn up to $80.00 a week and still be elligable for SSI and Social Security. you can earn up to $80.00 a week and still be elligable for SSI and Social Security.
Can you collect Social Security benefit for two spouses?
No. Not under current laws. You must be legally marriedand of the opposite sex.
Same-sex partners, even if legally married, are not able to collect their spouse's SS benefits; the Social Security Administration cannot (by law not by their own policy) recognize same-sex marriages due to the federal Defense of Marriage Act.
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.
What is the deduction from social security check in 2010 for Medicare part B?
Although not officially announced yet by CMS (Medicare) as of this date (10/13/09), it should remain the same as 2009 for most, if not all, folks in the low to medium income bracket. The reason is that Social Security retirees will not get a COLA this year. This was explained last April. Because of no Soc Sec COLA, a provision for protection of those having Part B premiums being deducted from their monthly retirement income to not suffer a lower check amount in cases such as this, a hardship clause was established previously, and will now throttle any Part B increase for 2010. This protection does not extend to those in higher income brackets or those just aging into Medicare. Whether they will be enjoy the frozen premium will only be answered when CMS finally announces 2010 info.
$155
Generally you need 40 credits. You should go to the SSA gov web site for more information.
Click on the below link
No, because the bad guys could have hacked or bought your personal information from another source. Also, it is unlikely that your bank would request sensitive information like your account number and pin in an email (especially in the same email). Requests for personal account information through email is a red flag that you are being phished for your account details. Whenever you receive such an email, you should call your bank to tell them about the email.
