explain to me how the social security process works with respect to making deductions from a paycheck, having a social security number, and knowing how benefits are paid.
anyone know???
2007-11-26 10:17:53 · 1 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
See ssa.gov - it should answer your questions.
Basically, if you have income from a job, you pay a percentage (right now it's 7.65%) of your income into social security. Your employer pays an equal amount. If you are self-employed you pay both halves.
This covers you for benefits at retirement, as well as if you become disabled before you reach retirement age. If you die and have minor children, benefits are available fo them.
You have to have 40 quarters that you paid in to ss to collect retirement ss benefits. You can get up to 4 quarters credit per year. You can collect retirement benefits as early as age 62 but if you collect before your full retirement age, your benefits will be reduced. Full retirement age is between 65 and 67 depending on when you were born.
2007-11-26 10:44:54 · answer #1 · answered by Judy 7 · 0⤊ 0⤋