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Posted by My interest on November 9, 2007, 6:55 am
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If I lost my job for the whole year, but still want to pay
some social security tax in order to qualify social security
benefit when I retire. Is it possible?
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Posted by kastnna on November 10, 2007, 5:20 am
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> If I lost my job for the whole year, but still want to pay
> some social security tax in order to qualify social security
> benefit when I retire. Is it possible?
Regardless of whether you are allowed to, its almost
certainly not the most financial smart thing to do. You
would be better off investing on your own the amount you
wish to pay in taxes. The return on investment of social
security is low and who knows what the gov't will do to
change its structure in the future.
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
<< ------------------------------------------------------- >>
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Posted by Harlan Lunsford on November 10, 2007, 5:20 am
Please log in for more thread options My interest wrote:
> If I lost my job for the whole year, but still want to pay
> some social security tax in order to qualify social security
> benefit when I retire. Is it possible?
Not possible. And here is why.
Future benefits are not based on taxes paid into the system,
but rather on actual earnings per year.
ChEAr$,
Harlan Lunsford, EA n LA
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
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Posted by Arthur Kamlet on November 10, 2007, 5:20 am
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> If I lost my job for the whole year, but still want to pay
> some social security tax in order to qualify social security
> benefit when I retire. Is it possible?
No, social security contributions are not voluntary. If you
have income subject to FICA then you pay, else not.
Some public employers who offer a pension meeting certain
rules can offer that pension plan in lieu of social security
and opt out of social security. There are also rules for
SECA tax for ministers.
If you have self employed income, certain farm income, tip
income or income earned as an employee by the employer has
failed to withhold FICA, you can pay FICA or self employment
tax. But if you ae not receiving income subject to FICA or
self employment then you cannot voluntarily pay into the
system.
--
ArtKamlet at a o l dot c o m Columbus OH K2PZH
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
<< ------------------------------------------------------- >>
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Posted by Herb Smith on November 10, 2007, 5:20 am
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> If I lost my job for the whole year, but still want to pay
> some social security tax in order to qualify social security
> benefit when I retire. Is it possible?
I don't think so. SS taxes, by definition, are assessed as a
percentage of your earnings, so with no earnings there is no
tax due. Each "quarter" for qualification requires a minimum
of about $1000 in earnings, or about $4,000 for the year.
You can Qualify for a maximum of 4 quarters each year, even
if the earnings are only earned in one calendar quarter.
Get a part time job.
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
<< ------------------------------------------------------- >>
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