Social Security Numbers (SSNs), consisting of nine digits, are issued to U.S. citizens, lawful permanent residents1, and some working nonimmigrants. They were introduced in 1935 as part of The New Deal. An SSN is essential for reporting income to the IRS and tracking employment for Social ...
Note: The content of this video applies only to taxes prepared for 2010. It is included here for reference only. Social security tax is collected by the government to fund the benefits of retirees and those unable to work. Discover how much you owe in so
You may be wondering if you qualify for an exemption from the Social Security tax. If you are eligible, you stand to save a good amount of money. But remember, if you are exempt, you may not be able to take advantage of the benefits offered by the Social
Yes, seniors on Social Security can get a mortgage. Social Security Income (SSI) for retirement or long-term disability can typically be used to help qualify for a mortgage loan. That means you can likely buy a house or refinance based on Social Security benefits, as long as you’re curre...
Your full retirement age is not affected by where you live. Most Social Security rules, including those that determine benefit amount and claiming age, are set by federal law. However, some states do tax Social Security benefits, so where you liveaffect tax levels on your retirement income. ...
The IRS suggests the following tips to ensure you’re reporting correct SSNs. Ask each employer to show you his/her Social Security card during the hiring process. However, don’t require the card when the employee complete Form I-9. Maintain a copy of the Form W-4 your employees provide...
Comprehensive and meticulously documented facts about Social Security. Learn about Social Security's taxes, benefits, financial status, reform options, and more. For example: • Taxable Maximum • Causes of Fiscal Problems • Old-Age Benefits • “Looting the Trust Fund” • Personal Ownersh...
You still have a limited amount of time to file a return and get credit with theSocial Security Administration (SSA)for your work time and income if you don’t file a tax return reporting your self-employment income by the tax deadline. You must file within three years, three months, an...
Identity thieves are everywhere. Contact the Social Security Administration if you suspect that your number is stolen. The agency can help fix problems related to income. If you have problems with your credit, you must contact your financial institution and the credit reporting agencies (Equifax, E...
While you can't change the size of your Social Security check, you are eligible for annualcost-of-living adjustments (COLAs)that the Social Security Administration gives beneficiaries each year to maintain their buying power. Social Security and Supplemental Security Income (SSI)benefits will increase...