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Retirement benefit calculations are based on your average earnings during a lifetime of work under the Social Security system. For most current and future retirees, we will average your 35 highest years of earnings. Years in which you have low earnings or no earnings may be counted to bring the total years of earnings up to 35.
The number of work credits you need to get retirement benefits depends on your date of birth.
If you were born in 1929 or later, you need 40 credits (10 years of work). People born before 1929 need fewer than 40 credits (39 credits if born in 1928; 38 credits if born in 1927; etc.)
Go to the SSA gov web site and use the search box for Frequently asked retirement questionsClick on the below Related Link
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Are the monthly social security retirement checks based on your income when you worked or on quarters for everyone reguardless of income level?
Social security benefits are based on your income, adjusted to represent current value; however, there are minimum and maximum benefit levels.
What would your social security be on 150 thousand?
Social security is not based on income but if you have the 40 quarters of work history and your age.
Does Florida tax social security?
In most places, the taxation is based on your total income, not just the portion from social security.
How much do you get monthly income on social security disability income?
How much money can I earn monthly while on Social Security disability Insurance
You have unclaimed property Will claiming it reduce your social security retirement check?
No. Social Security retirement (vs. SSI) is not based on income or assets.
Is social security disability benefits annual income?
Yes it can be included in your adjusted gross income depending on other income earned by you or your spouse. Only part of social security benefits are to be included based on a schedule you complete.
Can a husband who has a felony collect social security for his wife if she is in a nursing home?
Usually the nursing home uses the social security income as payment for services. Possibly you could have your social security payments (if you are at least 62) based on her income levels. You should plan to either work or find another means of income.
Can you get a tax refund if your only income is social security?
Income tax refunds are based on tax that was withheld or previously paid. There is normally no withholding tax on social security. You might, however, qualify for Earned Income Credit, or be able to collect a refund based on payments in a previous tax year.
How much can you earn while working at 62?
There is no income restriction. Social Security however will be limited based on the income received.
Can landlords claim social security benefits?
If rent is the sole source of income and no material services for the convenience of the tenants are provided, then the landlord has no income from self-employment to report and upon which Social Security benefits may be based.
What is the Social Security tax rate for 2011 on self-employment income?
The Social Security tax rate for self-employment income in 2011 was 12.4%. This tax is calculated based on the net self-employment income and is used to fund the Social Security benefits program.
What states tax social security benefit checks?
Fourteen of the 50 states tax Social Security benefits (through 2010):Same rate as Federal GovernmentMinnesotaNebraskaNorth DakotaRhode IslandVermontWest VirginiaTax Social Security based on Total IncomeConnecticutIowa (Phasing out tax levy from 2008-2014)Kansas (Only taxed if AGI is more than $75,000)Missouri (Will complete phase-out in 2010)MontanaAdds Federally Untaxed Social Security Income back to AGI*ColoradoNew MexicoUtah*These states apply broad age-determined income exclusions.
