How Long Do You Need to Work to Receive Social Security Retirement Benefits?

To qualify for Social Security retirement benefits, you must generally have “40 quarters of coverage.” This means that you must have been working for 10 years and earning at least the minimum income (adjusted annually for inflation) required to receive a quarter of coverage.

For example, in 2017, you can receive one quarter of coverage for each $1,300 of earnings, up to the maximum of four quarters of credit per year. Thus, the maximum amount of income needed to earn …

Who is exempt from paying the FICA tax in the United States?

FICA stands for Federal Insurance Contributions Act. FICA consists of two separate payroll taxes: Social Security (6.2% of pay) and Medicare (1.45% of pay), for a total of 7.65%. This is paid equally by workers and their employers, for a total of 15.3% of pay (7.65% x 2).

In the case of self-employed workers and independent contractors, they pay the full 15.3% tax as self-employment taxes on Schedule SE that is filed with their tax return. Almost all employed and …

What can new parents do if they have not yet received the Social Security number for their newborn child? Should we reapply?

Hospitals routinely provide the paperwork necessary to get a Social Security number issued to a newborn. Do not reapply unless you have first determined that the Social Security Administration needs you to do so.

To check on the status of the issuance of the baby’s Social Security number, you should contact your local Social Security office by searching on https://secure.ssa.gov/apps6z/FOLO/fo001.jsp or by calling the national hotline at 1-800-772-1213.

If the Social Security Administration requires you to refile and instructs you …

Can Workers’ Income Reduce Their Spouse’s Social Security?

No. The earnings limit ($16,920 in 2017 for beneficiaries who are age 62 through full retirement age) applies only to the income of the person who is collecting a monthly Social Security benefit check. It is that person’s income that determines whether benefits are reduced. One dollar in benefits is withheld for every $2 in earnings above the earnings limit amount.

Where a working spouse’s income will have an effect, however, is in the taxation of Social Security benefits if …

How many years of work are Social Security benefits based on?

Social Security benefits are based on average income over your 35 highest-earning years. If you have more than 35 years of earnings, the lowest earning years of your work history are dropped. If you have fewer than 35 years of earnings, years with zero earnings are averaged in to the calculation.

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