Key Takeaway: Spouses are eligible for social security benefits if they are married for at least 1 year and are at least 62 years old, or any age if caring for a child under age 16. Spousal benefits are calculated as half of their partner’s Primary Insurance Amount (PIA), with reductions if claimed before full…
Key Takeaway: The Social Security wage base is the maximum amount of earnings subject to Social Security taxes each year. For 2021, the wage base is $142,800. The wage base is used to calculate Social Security taxes, which are paid by both employees and employers. The tax rate for Social Security is currently 6.2% for…
Key Takeaway: Meeting the medical criteria and work requirements are important factors for determining eligibility for Social Security Disability for back problems. Applicants must demonstrate significant limitations in physical function, either by providing medical documentation or undergoing a medical examination by an SSA-approved physician. In addition, they must have worked for a sufficient period and…
Key Takeaway: Social Security checks come early because of the payment schedule, which takes into account weekends and holidays, as well as the fiscal year calendar schedule. Processing time for Social Security payments is also a factor in the early payment schedule. Benefits of receiving Social Security payment early include greater ability to budget and…
Key Takeaways: Social Security taxes are calculated as a percentage of your income, currently at 6.2% for employees and 12.4% for self-employed individuals. The maximum amount of Social Security taxes is capped each year and changes annually based on national wage trends. There are income limits in place for Social Security taxes, with the threshold…
Key Takeaway: Social Security Number 1 holds significance as it was the first assigned SSN in history and represents the beginning of the social security system in the United States. The identity of the owner of Social Security Number 1 is unknown and shrouded in mystery, but it is believed to be an individual of…
Key Takeaway: Social Security and Medicare taxes are contributions made by employees and employers to fund retirement, disability, and healthcare benefits for eligible individuals. Employers are responsible for withholding these taxes from their employees’ paychecks and matching the amount contributed by each employee. The contribution rates for Social Security tax are 6.2% of taxable wages,…
Key Takeaway: The 1980s saw significant changes in the social security system due to the Reagan Administration’s efforts to reduce government spending and promote individual responsibility for retirement planning. The 1981 and 1983 Social Security Amendments aimed to address the financial challenges facing the system by increasing the retirement age, taxing social security benefits, and…
Key Takeaway: Social Security benefits can be garnished for certain types of debt, such as federal taxes, federal student loans, and child support. It is important to know which debts can result in garnishment and to understand how much of your benefits can be taken. There are exceptions to garnishment, including if you receive Supplemental…
Key Takeaway: A Social Security Card is an important document that serves as proof of identity and citizenship. It’s essential for government and financial transactions, as well as for employment. Laminating a Social Security Card is not recommended because it can damage the security features on the card, make it illegal to alter, and cause…
Key Takeaways: Social Security uses a five-step process to determine disability eligibility, taking into account medical evidence and the ability to engage in substantial gainful activity. The date of disability onset is determined based on medical evidence and other factors, such as the individual’s work history and the onset and progression of the disability. To…
Key Takeaway: A fully favorable decision from Social Security means that your application for disability benefits has been approved and you will receive monthly payments to support your living expenses. Eligibility for a fully favorable decision requires meeting the medical and non-medical requirements set forth by Social Security, including a severe medical condition that prevents…