Fraternity-Testvériség, 1964 (42. évfolyam, 1-12. szám)
1964-02-01 / 2. szám
FRATERNITY 5 Question: I have recently bought a small variety store and would like to know if I have to pay into social security, and, if so, how do I do it? Answer: You must report your net earnings for social security if your profit is $400 or more during your taxable year. You do this by filing a Schedule C form as part of your tax return. Your social security account is then credited with the amount of your net earnings up to $4800 a year. Question: I work as a machinist for a corporation and receive $4500 in wages a year. I am also a partner in a small machine shop which makes about $1000 a year profit. There are only two of us in the partnership, and we share profits equally. Do I get credit from both types of work for social security? Answer: The maximum earnings which can be credited to your social security account for one year is $4800. If you received wages, you can receive credit only for a sufficient amount of your self-employment net earnings to bring the combined figure up to $4800. Since your employer paid you wages of $4500, you should file a Form 1065 (Partnership Return) and Schedule C to show $300 of net earnings in order to receive credit for the $4800 maximum. Question: My father gets disability payments from social security. How long will they continue? Answer: If he recovers from his disability the payments will stop. If he doesn’t recover, they will continue until he is 65, at which time the disability benefits will be converted to retirement benefits. Question: My son and daughter-in-law were killed in a wreck last year. I’ve been taking care of their two children since then and get a social security check for them every month. Another son of mine wants to adopt the children. Would that stop their social security checks? Answer: No. They can be adopted by an uncle, aunt, grandparent or step-parent without losing their social security payments. If they were adopted by anyone else, the benefit payment would have to be stopped. Question: I make over $4800 a year. Under the law I can get credit on my social security record for only $4800. Can I voluntarily pay social security taxes on the rest of my salary and get credit for it on my social security account? Answer: No. You can get credit for only the first $4800 of your earnings in a year. Question: If I work after I start receiving my social security, will I still have to pay taxes on my earnings? Answer: Yes. As long as you have earnings covered by social security, you must pay the tax. Question: What do you mean when you tell somebody they’re currently insured? Answer: It means that he has credit for one and a half years out of the last three. If a worker dies, we can pay a lump sum if he is currently insured. Also, if he leaves children, we can pay benefits to them if he died currently insured. We can also pay his widow if she’s taking care of the children. We cannot, however, pay retirement benefits
