How Social Security Benefits Are Calculated The SSA keeps a record of your earned income every year along with the portion subject to Social Security taxes used to calculate your retirement benefits.3 The more you earn while working (and the more you pay into the Social Security system throu...
As we said,this February 1 falls on a Saturdayand in such cases the SSA has thefollowing exception, which reads: "Supplemental Security Income (SSI) benefits are paid on the first of the month. Unless the first falls on a weekend, payments will be issued on the Friday before the first ...
W-2 forms go to full-time or part-time employees, and are due by January 31. A W-2 is used by companies to report the total income paid to an employee, as well as any taxes that were withheld. 1099s (most likely 1099-NEC) go to any independent contractors, self-employed person,...
Hidden benefits of an HSA. Many workers don’t realize that HSA accounts (and the money in them) are yours to save or spend, whenever. There are no withdrawal requirements or deadlines, as there are with flexible spending accounts (FSAs). (However, you’ll need to pay income taxes if ...