If the total of your taxable pensions, wages, interest, dividends, and other taxable income, plus any some of your benefits will be taxable.

Yes. Under the 1935 law, what we now think of as Social Security only paid retirement benefits to the primary worker. A 1939 change in the law added survivors benefits and benefits for the retiree's spouse and children. In 1956 disability benefits were added. Keep in mind, however, that the Social Security Act itself was much broader than just the program which today we commonly describe as "Social Security.

From 1937 (when taxes were first collected) through 2005 the Social Security program has received more than $10.7 trillion in income. No. So far there have been 11 years in which the Social Security program did not take enough in FICA taxes to pay the current year's benefits. During these years, Trust Fund bonds in the amount of about $24 billion made up the difference. (See detailed Table.)

Yes. If the Administration tells you that you do not have enough earnings to qualify for benefits, this can be an excellent way to pick up coverage. If you're self-employed, make a fairly modest amount of money, AND REMEMBER TO REPORT IT, you'll receive work credits each year, just like an employee. What's more, you'll also retain any credits from previous jobs.

With retirement on the horizon for hordes of baby boomers, you can bet there will be the political clout to keep Social Security going. However, the Social Security trust fund will be unable to pay benefit increases currently scheduled (which increase annually as the taxable wage base rises) without some kind of reform. A number of proposals have been offered to resolve the problem.

Yes, there can be income withholding for Social Security Disability and Social Security Retirement benefits. There cannot be a withholding for SSI because those benefits are a form of public assistance. The law requires the non-residential parent to notify the CSEA when a change in employment occurs. Even if he/she doesn't, the employment or assets are reported through the New Hire Reporting Program.

If a child is attending school, his or her income is not counted. But families should still report all income in the household.

To assist you in determining whether you qualify for retirement benefits, please visit the SSA's Benefit Eligibility Screening Tool (BEST) web page. top

If you're relatively young and healthy, you may have never stopped to think about social security. Chances are you're paying taxes that help fund the system. Yet you may not know exactly what social security does, and who it can help. Basically, social security was developed to provide protection for retired workers, and for workers and their families who suffer loss of income due to disability or death. There are three major types of social security benefits available.

Doctors' offices often need your Social Security number to process your health insurance claim. For example, Medicare and many commercial insurers use the customer's Social Security number as a primary identifier. Even as insurers move to change this practice, the customer's Social Security number may still be needed when coordinating benefits between a patient's primary and supplemental insurances, each of which may use a separate identifying number.

Social Security numbers and other confidential information will be hidden in the Operational Data Store. However, individuals with the PO Purchaser, PO Requester, all but one Labor Distribution responsibilities, several HR/Payroll responsibilities, and central office users will see social security numbers. All users who have access to this information will be required to sign an Electronic Access Agreement form prior to receiving access.

Social Security benefits are determined by wages reported each year for you. Benefits are calculated on the earnings a person receives during his/her lifetime. The higher the earnings and the number of years worked, the more the monthly benefit will be. Benefits are payable at full retirement age for anyone meeting the minimum criteria for social security credits (with reduced benefits available as early as age 62).

NO. Money from a reverse mortgage is not considered income, nor does it affect Social Security or Medicare. Homeowners on SSI or Medicaid should observe pertinent rules.

Shearson Mortgage will ask for copies of your recent pension check stubs, or bank statement if your pension or retirement income is deposited directly in your bank account. Sometimes it will also be necessary to verify that this income will continue for at least 3 years since some pension or retirement plans do not provide income for life. This can usually be verified with a copy of your award letter.

Higher income beneficiaries (about the top 20% currently) pay taxes on their Social Security Benefits. If a married beneficiary has adjusted gross income (including 50% of Social Security benefits) exceeding $32,000 ($25,000 for single), then 50% of the income above this amount is subject to taxation. For income above $44,000 ($34,000 for single), 85% is subject to taxation.

Proceeds from a Reverse Mortgage are not taxable; it's your money (equity), not taxable income. Nor will your regular Social Security or Medicare be affected. The impact, if any, on other federal, state or local assistance programs should be discussed with your financial advisor or the program sponsor.

the Tennessee income tax does not apply to salaries and wages, items of income such as Social Security and pension income are not subject to state tax. Tenn. Code Ann. Section 67-2-104(m) provides that income from stocks and bonds of pension trusts and profit-sharing trusts which are exempt from federal income taxation shall be exempt from the state income tax. This includes such accounts as IRA and 401(k) accounts. Distributions from IRAs and 401(k) plans are also exempt.

Social Security programs were removed from the budget during the 1980's, but the budget policy makers continue to add them back into the "unified budget". This practice has continued despite legislative efforts to stop it, because the federal deficit would be much larger if Social Security excesses of income over outgo were not added back in. During 1998 alone, such excess is expected to be about $100 billion.