Do I get a refund of social security and medicare taxes paid?

Question

Are Social Sec and Medicare taxes refundable if income falls under certain condition?

Thanks.

Answer 1

No, they are not available for refund. They go into the trust fund.

Answer 2

The only way you'd get any of it back is on the social security part, if you worked more than two jobs, they both withheld the tax, and your total income was higher than the top limit where you pay social security - then you'd get the tax back for the amount you paid over the income limit of $94,200, since social security taxes (and benefits) are only due on income up to that amount. Medicare tax doesn't have a limit.

Answer 3

Medicare is not refundable. It is basically an insurance policy. I’m not sure what you mean by refundable. If you have been on disability/SSI and have returned to work, and benefits have stopped, you may restart benefits at any time within 5 years if your income drops below a certain level and you still maintain a disability. All you do is contact the SSA office. They will restart you immediately, without a new review. Check out www.ssa.gov

Answer 4

Only when you retire and collect the monthly social security check. Or when/if you become disabled and collect a monthly check. And when you turn 65 and your health insurance is Medicare.

If you die before any of that happens - then the funds remain at social security for others that retire, become disabled or use Medicare to use.

No, you never get a refund. You only get to use it for it's purpose - retirement, disability and over 65 years old health care.

Answer 5

You may get a refund larger than the income tax withheld if you qualify for the EITC. It may appear to be a refund of payroll taxes. It is, however, a redistribution of other peoples taxes.

Answer 6

you don't get your social risk-free practices or medicare money returned till you attain retirement age. even nonetheless, you're able to correctly get returned the money that became withheld for state tax. Fill out a state tax return and notice.

Answer 7

Yes.

It's called social security when you retire at 65..........that's assuming there's any left when we retire.

Other than that, no, you don't get any of it refunded.

Answer 8

No. The government keeps all of it to pay you benefits when you retire. Actually they use it now to pay benefits to current retirees. Your children will pay for you to lay on the couch later.

Answer 9

No you dont, they are gone, Uncle Sam used that money last year.

Answer 10

no, it is withheld from salary and if you are self employed it is based on your net earnings from self-employment.