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mdk
Joined: 09 Jun 2007
Posts: 425
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 Posted: Wed Aug 15, 2007 3:45 pm Post subject: |
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| and also felt bad about having to have the government maintain them. |
But that money is not the property of the government! That is your money that was deposited into the SS account and earned interest just as if you were in a company pension plan. Now, in fact, the government may have taken the money and messed around with it in unspeakable ways, but the fact is, it is still your money and they owe it to you in your own good right.
They are going to pay me starting in January - well, enough to live on decently in Madrid. That is not charity, that is the return on my money. |
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Justin Trullinger
Joined: 28 Jan 2005
Posts: 3110
Location: Seoul, South Korea and Myanmar for a bit
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| Posted: Wed Aug 15, 2007 5:42 pm Post subject: |
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| But that money is not the property of the government! That is your money that was deposited into the SS account and earned interest just as if you were in a company pension plan. |
Depends on how long you live. Social security payments are calculated according to a rather complicated formula that I don't fully understand- But many people do in fact wind up drawing more in payments than they put in, even assuming a high rate of interest.
Best,
Justin |
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naturegirl321
Joined: 04 May 2003
Posts: 9041
Location: home sweet home
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| Posted: Wed Aug 15, 2007 6:30 pm Post subject: |
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| Sgt Killjoy wrote: |
Well basically, you are credited with a quarter(it used to be any wage earned during a single quarter) for every about $1000 you earn during a year with a maximum of 4 quarters per year. That value goes up every year and a couple of years ago it was $950. Theoretically, it takes $40000 in income to be fully vested in social security. If it was all self employed income, you would pay out about $7000 in SS taxes but most of us have some other income to count on it.
I think I am about fully vested now, but I'm not sure, next time I make it back to the states, I'll get a SS report. |
So if you file for 10 years then you're good to go? Do you actually have to PAY taxes or just file?
How do I get an SS report? |
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MELEE
Joined: 22 Jan 2003
Posts: 2583
Location: The Mexican Hinterland
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| Posted: Wed Aug 15, 2007 9:18 pm Post subject: |
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Your still confusing Social Security Tax and Income Tax naturegirl.
It might be my money, but I'm happy to be done with it (I certainly haven't paid in enough money). I do the best I can to stay out of the government's hair, and I hope they reciporcate! |
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naturegirl321
Joined: 04 May 2003
Posts: 9041
Location: home sweet home
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| Posted: Wed Aug 15, 2007 10:51 pm Post subject: |
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| MELEE wrote: |
| Your still confusing Social Security Tax and Income Tax naturegirl. |
So what's SS tax and how do I know if I'm even going to get anything? |
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mdk
Joined: 09 Jun 2007
Posts: 425
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| Posted: Fri Aug 17, 2007 9:54 pm Post subject: |
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Well if you are working in the US. It shows on your paystub as a deduction. Usually something like OASDI or maybe Social Security.
If you are self employed, or maybe working overseas then you have to self-payy your taxes.
This is why I like using the online tax prep. The one I used last year (and for several past years) let me file from Moscow and let me deduct it's price off the taxable income. It was in the form of an interview. You just answer the questions and watch the little refund window. (to see if you might want to rephrase what you are telling it.) There was a question as to whether you had income earned overseas and then it dealt with paying social security taxes if you haven't gotten a W-2 - as I recall.
They take your highest qualifying earning period. I made my application last month to start at the first of the year. They made me find my army records and then told me that it didn't change my benefit so they thanked me for being a good social security citizen.
NB: By holding off until the first of the year as opposed to starting on my birthday in August, my benefit was bumped $100. That's a lot of bacalao. |
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