I am new to filing taxes and a friend told me a website where I can file online. I am a student with no dependents, or any other special cases. I worked at Target part time while in school and I expected a refund. When I filled out the forms online (I haven't submitted it yet) it calculated my refund as I went along, and at the end, I was refunded my federal and state taxes, but not social security and medicare. I filed last year, but I don't remember if I got social security and medicare back or not because i didn't work much in 2005 so my refund was meager. Am I supposed to get that money back in my refund? The reason I am concerned is because they took out a LOT of money for social security!
2007-02-23 08:12:02 · 10 answers · asked by Anonymous in Politics & Government ➔ Law & Ethics
Nope. You will not get anything back. It's supposed to go toward retirement, etc. when you are older. Social Security and Medicare are combined components of FICA.
The tax rate for social security is 6.20% of taxable wages
Meidcare is 1.45% of taxable wages
This is a FEDERAL tax, so it is the same in every state.
2007-02-23 08:21:23 · answer #1 · answered by mspidey2007 1 · 0⤊ 0⤋
No, you get no refund on your social security or Medicare withholdings. You do get refunded your state and federal income tax withholdings though. They probably did take a lot of money for social security because there are a lot of retired people counting on that benefit. Your withholding DO NOT go to any fund or account that you personally will get back when you retire, they go to pay the current benefits of current retirees.
2007-02-23 08:23:51 · answer #2 · answered by msi_cord 7 · 0⤊ 0⤋
Negative. SS & Medi are paid into a fund that you supposedly will get back when you retire.
All wages get taxed for SS & medi. It's Federal and State Withholding that varies depending how much you make and what you filled out on your W-2.
2007-02-23 08:18:30 · answer #3 · answered by chieromancer 6 · 0⤊ 0⤋
No. If you get anything back, it is only from the Federal and State withholding. The SS and medicare are going into the big pot of money that you will (or at least they pretend like you will) get back in the future.
2007-02-23 08:16:54 · answer #4 · answered by smellyfoot ™ 7 · 0⤊ 0⤋
No. You will get a refund on your wages only if the tax paid was more than required. (You paid 8% in social security tax - that's standard.)
2007-02-23 08:15:49 · answer #5 · answered by Enchanted 7 · 0⤊ 0⤋
No, you will NEVER get those back. And the sooner the public realizes that Social Security is in reality a pyramid scheme (thanks fdr) the sooner we can get some real reforms done. But as long as the socialist democrattts are in power, we'll just keep diggin the hole.
2007-02-23 08:18:59 · answer #6 · answered by boonietech 5 · 1⤊ 0⤋
No. You're paying into the social security system. You'll get your "refund" when you retire.
2007-02-23 08:19:53 · answer #7 · answered by T J 6 · 0⤊ 0⤋
Here's some advice: Don't ask a question like that in here and expect an accurate answer. Christ in hell, did all you people just get off the stupid bus?
2007-02-23 08:19:05 · answer #8 · answered by Dillwad Slutbucket 1 · 1⤊ 2⤋
sorry no way in hell will the government give those back. those deductions are or your golden age, if the funds are still around.
2007-02-23 08:21:43 · answer #9 · answered by sandy c 2 · 0⤊ 0⤋
forms come with directions
2007-02-23 08:19:29 · answer #10 · answered by Anonymous · 0⤊ 0⤋