Best to schedule an appointment with social security & determine what, if any, benefits you qualify for now. Then also ask how much more you need to pay in to get benefits (if you don't have enough now), or if the amount you will make would increase your benefits (if you already qualify).
Here is an SSA benefits calculator if you want to estimate yourself:
http://www.ssa.gov/planners/calculators.htm
2007-10-09 04:41:45
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answer #1
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answered by Dee 4
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2016-10-08 01:04:59
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answer #2
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answered by Diane 3
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If your employer withholds taxes from your check, then he or she is withholding Social Security tax as well... or should be. Technically, he's holding 1/2 of what you owe from your check, and he's paying the other 1/2. So yes, this will help you earn credits for Social Security.
If your "employer" is paying you 'under the table', or not takin taxes out, then you will have to file a Schedule C and Schedule SE with your tax return and claim that income in order to receive Social Security credit.
You don't say how old you are, but if you are young enough, you might want to consider putting some money into an IRA, rather than concerning yourself with Social Security. The benefit here is that it can be a deduction on your tax return, and it is then YOUR money in an account with YOUR name on it, rather than giving money to a system that is not going to give you back everything you paid in. While you may pay in to SS because you have to, talk to a financial advisor, or your tax professional, about an IRA and how you might benefit. I've given you a link to the IRS information on IRAs. Also, if you're working for a larger company, you may have a 401K available. Generally, these have about the same tax benefits as an IRA, but if they match your contributions at all, I'd hate to see you miss out on the free money:)
Hope this helps, but please feel free to e-mail me if you have further questions!
2007-10-09 03:28:03
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answer #3
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answered by Materia Primoris 2
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If you are employed in any field, and you and your employer contribute to Social Security, then you are building credit in to the Social Security system even though you are retired and receiving a pension. When you have enough credits, you can get benefits.
It is possible for an employer of a domestic worker to pay both the employee and the employer shares of Social Security. In other cases, both the employee and the employer pay equal shares into Social Security.
Ask your employer how your Social Security contributions are being handled.
If no Social Security contributions are being made by your employer, you may be self-employed. In this case, you pay both the employer and employee shares of Social Security taxes when you file your tax return.
2007-10-09 04:43:55
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answer #4
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answered by ninasgramma 7
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As a household employee, your wages are subject to social security taxes if you are paid $1,500 or more per year. Think "Nanny Tax." Your employer should withhold and match the tax if you are going to exceed this. If you run into problems with your employer, make sure you keep proof of your income and job duties to prove you had qualifying wages. The wages may also be subject to some state taxes.
2007-10-09 05:25:16
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answer #5
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answered by Anonymous
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yes i think they may be some help available
2007-10-09 01:31:08
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answer #6
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answered by Perfectionist 6
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