Key Takeaway: Social Security tax rate for 2018 is 6.2% for employees and 12.4% for self-employed individuals. This tax funds Social Security benefits for retirees, disabled individuals, and families of deceased workers. Medicare tax rate for 2018 is 1.45% for employees and 2.9% for self-employed individuals. This tax funds healthcare benefits for seniors and disabled…
Key Takeaway: The Democratic Party moved Social Security to the General Fund: In 1960, President Kennedy and the Democratic Party passed legislation to move the Social Security trust fund to the federal budget’s general fund. This allowed Social Security to be used to offset the federal deficit. The Move had far-reaching implications on Social Security’s…
Key Takeaway: HR 1314 social security refers to the Bipartisan Budget Act of 2015, which made several changes to the social security system in the United States. Provisions under HR 1314 include the elimination of the file-and-suspend strategy, restricted application for spousal benefits, and changes to claiming strategies for married couples. The impact of HR…
Key Takeaway: There are alternative forms of identification that can be used besides a social security card, such as state-issued ID cards, passports, military IDs, temporary IDs, consular IDs, voter registration cards, student IDs, and birth certificates. To obtain a state-issued ID card, requirements vary by state but generally include providing proof of identity and…
Key Takeaway: Republicans want to cut social security due to budgetary concerns, a belief in market-driven solutions, and an ideological opposition to social welfare programs. The proposed cuts to social security could have negative impacts on the beneficiaries who rely on these benefits for their livelihoods. Alternative solutions should be considered to address social security…
Key Takeaway: Request a social security statement: Contact the Social Security Administration (SSA) and request a statement with your social security number. This statement is mailed to your home address and contains valuable information about your social security status. Check your tax documents: Look for your social security number on your previous tax documents. The…
Key Takeaway: Social Security numbers are composed of 9 digits, separated into 3 segments. The first 3 digits of a SSN represent the geographical region where the number was issued. Some numbers are skipped to avoid confusion or prevent duplication, but the reason for skipping certain numbers is not publicly disclosed. Are you confused about…
Key Takeaway: Eligibility for social security disability benefits requires meeting both the work requirement and the medical eligibility criteria. When applying for social security disability benefits, gather all the required documents and choose to apply either online or in-person. If your initial claim is denied, there is an appeals process available that includes requesting for…
Example of key takeaways on the topic “how much of your social security is taxed?”: Key Takeaway: Understanding social security taxation is important: Taxes can greatly affect your retirement income, and it’s important to understand the factors that determine how much of your social security benefits will be taxed. Amount of income earned affects taxation:…
Key Takeaways: Long term disability (LTD) benefits may impact social security disability insurance (SSDI) benefits by reducing the amount of SSDI benefits that are paid out to the recipient. It is important to understand the coordination of LTD and SSDI benefits, including the process for filing for both types of benefits and seeking legal assistance…
Key Takeaway: Requesting a copy of your Social Security statement is easy and can be done online, by mail, or by phone. Your Social Security statement includes important information such as your earnings record, estimated retirement benefits, and potential disability, survivor, and Medicare benefits. It is recommended to check your Social Security statement regularly to…
Key Takeaway: Updating your citizenship status with Social Security is important because it impacts your eligibility for benefits and services, including retirement and disability benefits. Requirements for updating citizenship status with Social Security include providing proof of citizenship or immigration status, such as a passport or green card. To update your citizenship status with Social…