how do i calculate my social security payout?
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We base Social Security benefits on your lifetime earnings. We adjust or “index” your actual earnings to account for changes in average wages since the year the earnings were received. Then, Social Security calculates your average indexed monthly earnings during the 35 years in which you earned the most.
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Social Security benefits are typically computed using "average indexed monthly earnings." This average summarizes up to 35 years of a worker's indexed earnings.
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The next step is to calculate your average indexed monthly earnings, or AIME, which serves as the basis of your Social Security retirement benefit. To calculate this, add up all 35 of your highest inflation-indexed income figures and then divide the total by 35 to get your annual average.
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Your base year is the blue-shaded area. To estimate how much you might be eligible to receive, add together the gross wages in the two highest quarters during that period, divide by 2, and then multiply by 0.0385 to get your weekly benefit amount.
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['Take your estimated Social Security benefit at age 62. ... ', "Divide the Social Security benefit estimate by 40 and multiply the result by the number of years you've been employed under FERS, rounded to the nearest full year."]
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The amount of taxable social security wages is determined by subtracting the following from the year-to-date (YTD) gross wages on your last direct deposit statement. Health – subtract the YTD employee health insurance deduction.
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Social Security bases your retirement and disability benefits on the amount of income on which you've paid Social Security taxes—called "covered earnings." Your average covered earnings over a period of years is known as your average indexed monthly earnings (AIME).
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Your annual pension is calculated by dividing your total membership by 80 and multiplying this figure by your final salary pensionable pay.
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['Your Social Security benefits will be based on the income you earned during your working years.', 'Only your 35 highest-earning years will be counted.', 'If you take Social Security before full retirement age, your benefits will be permanently reduced.']
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Calculating your 2017 Social Security tax If you're an employee, the calculation is pretty simple. First, write down (or type into a calculator) the lower of your total wages or $127,200. Then, multiply this number by 6.2% (0.062) to calculate your Social Security tax.
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Each employer withholds 6.2% of your gross income for Social Security up to income of $132,900 for 2019. And $137,700 for 2020. Your employer must pay 6.2% for you that doesn't come out of your pay.
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First, to find your yearly pay, multiply your hourly wage by the number of hours you work each week, and then multiply the total by 52. Now that you know your annual gross income, divide it by 12 to find the monthly amount.
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To calculate how much Social Security tax you need to withhold from an individual employees' paycheck, multiply your employee's gross income for the current pay period by 6.2%, which is the current Social Security tax rate.
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Multiply the employee's gross wage by 7.65 percent. This is the amount of your company's Social Security (6.2 percent) and Medicare tax (1.45 percent) matching contribution.
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As you make plans for your retirement, you may ask, “How much will I get from Social Security?” If you have a my Social Security account, you can use our Retirement Calculator at www.socialsecurity.gov/myaccount to get an estimate of your personal retirement benefits, and to see the effects of different retirement age ...
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Get a quick estimate for your monthly Social Security Disability Insurance (SSDI) benefits payment. Earnings from jobs covered by Social Security are used to determine the amount of monthly SSDI benefits payments. Right now, the average for an individual is $1,197, and the maximum is $2,788.
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First, write down (or type into a calculator) the lower of your total wages or $127,200. Then, multiply this number by 6.2% (0.062) to calculate your Social Security tax. If you're self-employed, write down the lower of your net business income (this is line 31 on IRS Schedule C) or $127,200.