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Stephanie O Joy, Esq
Stephanie O Joy, Esq, Soc. Sec. Attorney
Category: Social Security
Satisfied Customers: 13391
Experience:  19+ years legal exp. - 10+ years owning/operating her own SSD Law practice.
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What happens to the social security taxes taken out of my

Customer Question

What happens to the social security taxes taken out of my pay check? Are you entitled to 6% of the total amount after each year?
Submitted: 1 year ago.
Category: Social Security
Expert:  Stephanie O Joy, Esq replied 1 year ago.

Good afternoon,

The taxes we pay on our work earnings, go to a fund to be used to pay present claims of those entitled to benefits. Excess is loaned out to government agencies, so the funds can earn interest. We are not entitled to 6% of the total amount, no. I am curious, though, where you got that idea.

We are not entitled to ANY of the taxes we paid in. However, if we someday meet the eligiblity requirements for SSD, Retirement, Survivors, etc., then we can make our insurance claim and collect that benefits we are entitled to, which will depend on our lifetime average monthly earnings that we paid SS taxes on.

Expert:  Stephanie O Joy, Esq replied 1 year ago.

I hope this helps! My goal is toprovide you with excellent and accurateservice – if you feel you have gotten anything less, please reply back, Iam happy to address follow-up questions.

Kindly rate me "excellent"when you are done. I look forward to assisting you in the future, shouldyou have legal questions. Be sure tostart future posts with "To ***** Esq., ONLY" ifyou want me to specifically answer it.

Sincerely, ***** ***** Joy, Esq.

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