IRS questions?

Question

If I filed a for social secutirty will I get that money back at the end of the year?

Answer 1

If you are employed then you will have to file an income tax return to report all your wages and make sure when you fill out your w-4 put 0 exemptions, even though your employer will take out more withholding on every pay check it is better so you can get a refund when you file your federal income tax return

Answer 2

If you are working for an employer who follows the law, a Social Security number is almost always required. The money withheld from your pay for Social Security and Medicare (total 7.65%) is not refundable when you file your tax return at the end of the year unless you work for more than one employer and earn more than the Social Security maximum. As far as W-4 withholding exemptions, most people get large refunds because they don't claim enough exemptions. This is giving the government an interest free loan. Most people have better things to do with their money than that, so it makes more sense to try to accurately calculate the exemptions so that you come close to break-even when you file your tax return. Of course, some people argue that it's the only way they can save money. And then they go out and spend their refund so it's not really saving, it's just postponing the spending.

Answer 3

I don't understand your question. You paid social security tax, and you want a refund? Dream on! You'll be lucky to get payments when you're old.

Or did you file for social security benefits and pay a tax? Social security taxes are never refundable, but if ss income is all you have, and you paid taxes in on wages or something else, you'll get back all of your INCOME TAX withheld if your total income from all sources is low enough (not the FICA).

Answer 4

all social security and medicare tax properly withheld (correct %)from any paycheck will not be refunded by any government agency unless you worked for more than one employer during the year and earned more than the maximum taxable social security amount. in that case the amount paid in excess is included as part of your refund amount when you file your federal income tax return.

but in the case of any employer who mistakenly withholds more than the correct amount and allocates such as social security and or medicare in error. (this does happen have you check your w2's for this) must refund the amount directly to the taxpayer in the year of the overstatement (payment)
the taxpayer or employee who pays more than their correct percentage of these type taxes has no recourse to collect the overpayment amount in any year other than the year of overpayment..... a taxpayer has no recourse with the irs or social security in this scenario. in fact by law the overpayment of social security in error in any year may not be included in that taxpayers social security annual tax and benefit statement and will be excluded by the ss agency in all calculations for any benefits.