how to determine my social security payment?
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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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['Step 1: Go to SSS website and log in with your SSS online account. ... ', 'Step 2: Check the Navigation Bar and Go to Inquiry Page. ... ', 'Step 3: Go to Inquiry drop-down menu and Choose Contributions. ... ', 'Step 4: View your monthly SSS Contributions.']
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You can also get basic benefit estimates by calling the Social Security Administration at 800-772-1213.
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['(over)', 'Get Your Benefit Verification Online with my Social Security.', 'Get Your Benefit Verification Online. with my Social Security.', 'SocialSecurity.gov.', 'Contacting Social Security.', 'The most convenient way to contact us anytime, anywhere is to visit www.socialsecurity.gov. ... ', 'Social Security Administration.']
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Calculating The Date Last Insured The most common method for calculating this date is called the “20/40” test. Social Security will look at your earnings record, and generally count back 20 covered quarters, and will then count forward by 40 quarters (both covered and uncovered).
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Social Security benefit payments are deposited on the second, third, or fourth Wednesday of each month, depending on your day of birth. If you were born on the: ... 21st–31st of the month: Expect your Social Security payment to be deposited on the 4th Wednesday of each month.
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You can visit a local Social Security office to get a record of your taxed Social Security earnings and an estimate of retirement benefits (though it won't take into account future earnings or other changes that could impact your monthly payouts).
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['Accessing past tax records, W2 or 1099 forms, or paystubs.', 'Submitting a Request for Social Security Earnings Information Form (requires fee) with the Social Security Administration.', "Contacting previous employers' human resources departments."]
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First, find the total amount of your benefits. This will be in box 3 of your Form SSA-1099. Then, on Form 1040, you will write the total amount of your Social Security benefits on line 5a and the taxable amount on line 5b.
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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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['Know your full retirement age. ... ', 'Know the effects of early or late Social Security. ... ', 'Know how much to expect each month. ... ', 'Know how Social Security benefits for spouses work. ... ', 'Know if your Social Security benefits could be taxed.']
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['When Am I Eligible? ... ', 'How Is Eligibility Determined? ... ', 'How Much Do I Pay In? ... ', 'How Much Will I Get? ... ', 'Can I Get Social Security If I Work? ... ', 'How Does the Spousal Benefit Work? ... ', 'Do I Owe Taxes on Social Security? ... ', 'How Do I Apply for Benefits?']
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["Start by creating an account on the Social Security Administration's site.", "You'll need basic information – including birth certificate, driver's license, or proof of U.S. citizenship.", 'Decide whether to enroll in Part A only – or Parts A and B.', 'Enroll on time or risk a Part B premium surcharge.']
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['Visiting your local Social Security office.', 'Calling Social Security at 800-772-1213.']
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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.
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How do I report earnings? You may call us at 1-800-772-1213. Or you may call, visit, or write your local Social Security office. Social Security also offers a toll-free automated wage reporting telephone system and a mobile wage reporting application.
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['When Should I Begin Taking Social Security? ... ', 'How Long Will My Money Last? ... ', 'How Much Money Do I Need to Retire? ... ', 'Should I Buy an Annuity? ... ', 'How Much Will I Spend? ... ', 'How Will I Pay for Medical Expenses in Retirement? ... ', 'Should I Take My Pension as a Lump Sum?']