Social Security

Ask social security questions and get answers ASAP

Ask an Expert,
Get an Answer ASAP!

What happens to the social security taxes taken out of my…

Customer Question
What happens to the social...
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: 2 years ago.Category: Social Security
Show More
Show Less
Ask Your Own Social Security Question
Answered in 10 minutes by:
1/19/2016
Social Security Expert: Stephanie O Joy, Esq, Soc. Sec. Attorney replied 2 years ago
Stephanie O Joy, Esq
Stephanie O Joy, Esq, Soc. Sec. Attorney
Category: Social Security
Satisfied Customers: 13,637
Experience: 22+ years legal exp. - 12+ years owning/operating her own SSD Law practice.
Verified

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.

Ask Your Own Social Security Question
Social Security Expert: Stephanie O Joy, Esq, Soc. Sec. Attorney replied 2 years 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.

Your online SS legal resource!

Ask Your Own Social Security Question
Was this answer helpful?

How JustAnswer works

step-image
Describe your issueThe assistant will guide you
step-image
Chat 1:1 with a social security expertLicensed Experts are available 24/7
step-image
100% satisfaction guaranteeGet all the answers you need
Ask Stephanie O Joy, Esq Your Own Question
Stephanie O Joy, Esq
Stephanie O Joy, Esq
Stephanie O Joy, Esq, Soc. Sec. Attorney
Category: Social Security
Satisfied Customers: 13,637
13,637 Satisfied Customers
Experience: 22+ years legal exp. - 12+ years owning/operating her own SSD Law practice.

Stephanie O Joy, Esq is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

dylatess

dylatess

ATTORNEY

3,467 satisfied customers

37 plus years of SSD practice

Megan C

Megan C

Certified Public Accountant (CPA)

4,582 satisfied customers

Licensed CPA, CMA, CFE, CGMA M.Accy Also Teach Accounting courses at Master's Level

LawTalk

LawTalk

Attorney

3,071 satisfied customers

I have 30 years of legal and litigation experience, including representing clients before the U.S. Social Security Administration.

R. Klein, EA

R. Klein, EA

Accountant

334 satisfied customers

Tax & Social Security Benefits specialist

Dimitry K., Esq.

Dimitry K., Esq.

Attorney

233 satisfied customers

Licensed in multiple jurisdictions, experienced business attorney.

AttorneyTom

AttorneyTom

Attorney

16 satisfied customers

Attorney

Stephanie O Joy, Esq

Stephanie O Joy, Esq

Soc. Sec. Attorney

13,637 satisfied customers

22+ years legal exp. - 12+ years owning/operating her own SSD Law practice.

< Previous | Next >

Related Social Security Questions
I became eligible for my social security benefit 06/01/2018
I became eligible for my social security benefit 06/01/2018 at age 70 (DOB 06/21/1948). I've read in the social security information, that if I file federal tax return as an "individual" and have a co… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
If you receive back pay from social security disability and
If you receive back pay from social security disability and your pension wants you to sign over the check to them. Who is responsible for paying the federal taxes? … read more
keeperumiami
keeperumiami
Sr Financial & Tax Consultant
Bachelor\u0027s Degree
1 satisfied customers
I am looking at the idea of retiring at the end of April
Hi I am looking at the idea of retiring at the end of April 2018 I will be 63. I have fired I will have about 1,465.00 a month from a state retirement. I figure I will have about 1,530.00 a month from… read more
Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
2,610 satisfied customers
I get ssi and work part time. And have ssi taken out of my
I get ssi and work part time. And have ssi taken out of my pay check. What happens to the money that is taken out? … read more
emc011075
emc011075
Senior Tax Specialist
Bachelor's Degree
16 satisfied customers
I will be collecting $1949 a month in SS benefits starting
I will be collecting $1949 a month in SS benefits starting in February 2017 after I turn 66 this coming December. I will continue working for $65,000 to S67,500 a year income gross for several more ye… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
My wife took Social Security at 70 years 7/15 and continued
My wife took Social Security at 70 years 7/15 and continued to work until 10/15. SS Tax was taken out of her pay in those 3 months. Is she entitled to a refund of the tax for those months?… read more
LawTalk
LawTalk
Attorney
Juris Doctor
3,071 satisfied customers
I received my social security disability on June 19,1988. I
I received my social security disability on June 19,1988. I was awarded $830.50, but my check was reduced to $415.80 because I was receiving Workmen's Comp. In 1993 they deducted $3,333.60 for BWC, in… read more
Phillips Esq.
Phillips Esq.
Attorney
JD
20,520 satisfied customers
If I retire at age 62 and continue working, my benefits will
If I retire at age 62 and continue working, my benefits will be reduced of the amount $2-$1 over the $15,000+ limit. Is this a permanent tax penalty or will I receive the reduced amount once I turn 66… read more
LawTalk
LawTalk
Attorney
Juris Doctor
3,071 satisfied customers
My husband died of cancer on 6-20-2015. On 6-30-2015, I tried
My husband died of cancer on 6-20-2015. On 6-30-2015, I tried to apply for survivor's benefits. married for 52 years. Married 8-31-63 Divorced 5-83 but never lived apart 1983-2005 common law married 1… read more
dylatess
dylatess
ATTORNEY
JD
3,467 satisfied customers
what happens if anything if your income 3 to 6 years prior
what happens if anything if your income 3 to 6 years prior to full retirement does not have social security deductions taken out. ex. not getting a payroll check but living on rental income prior to f… read more
Stephanie O Joy, Esq
Stephanie O Joy, Esq
Soc. Sec. Attorney
Doctoral Degree
13,637 satisfied customers
I've been taken off my ex husbands soc. sec, new wife and her
I've been taken off my ex husbands soc. sec, new wife and her daughter put on. My question is they have only been married for less than seven yrs, and we were forty-three years. also the girl was not … read more
KUMI95
KUMI95
Attorney
Doctoral Degree
17 satisfied customers
I am having my student loan payments taken out of my social
I am having my student loan payments taken out of my social security before I get my social security check deposited each month. Shouldn't I get a form(1099 or 1098 form) from them each year ? And the… read more
Stephanie O Joy, Esq
Stephanie O Joy, Esq
Soc. Sec. Attorney
Doctoral Degree
13,637 satisfied customers
My husband died at the age of 60, never drew any of his social
My husband died at the age of 60, never drew any of his social security. My husband was an electrician for Ford Motor Copany,, made very good money and the majority of his years at Ford had paid into … read more
Megan C
Megan C
Certified Public Accountant (CPA)
Master's Degree
4,582 satisfied customers
If a person is 65 years old and is collecting social security
If a person is 65 years old and is collecting social security but has obtain a job earning $36,000.00 a year what are the consequences to acquiring a position and what will happen to the social securi… read more
Megan C
Megan C
Certified Public Accountant (CPA)
Master's Degree
4,582 satisfied customers
Hello, I need to sign up for social security but I have questions
Hello, I need to sign up for social security but I have questions to be answered please? 1. I am 62 as of 8/31/51 and want to retire early how can I sign up and when will I receive my first check? 2. … read more
Megan C
Megan C
Certified Public Accountant (CPA)
Master's Degree
4,582 satisfied customers
I am asking this on behalf of my brother who also receives
I am asking this on behalf of my brother who also receives Social Security Benefits. The unfortunate fact is he just loss possession (reposssessed) of a car he recently purchased. Now the bank (Firela… read more
LawTalk
LawTalk
Attorney
Juris Doctor
3,071 satisfied customers
I am currently collecting ssn and have a part time job. I understand
I am currently collecting ssn and have a part time job. I understand that I can not make more than $14,100. per year. I am now at $12,600. Since I still have around 11 more weeks to go before the end … read more
LawTalk
LawTalk
Attorney
Juris Doctor
3,071 satisfied customers
I am 72 years old. I started social security at age 65 and
I am 72 years old. I started social security at age 65 and 6 months. I am still having social security taxes taken out of my W2's. Is it true after age 70 no more social security should be taken out b… read more
LawTalk
LawTalk
Attorney
Juris Doctor
3,071 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x