To qualify for retirement benefits, a worker must be fully insured. A worker can become fully insured by accumulating credits also called quarters of coverage.
Credits or quarters are accumulated based on covered wages earned for a particular period. The dollar amount is indexed every few years for inflation. A worker can earn up to four credits or quarters of coverage per year, and 40 credits are needed to qualify for benefits.
Social Security Administration. Accessed Oct. Social Security. Your Privacy Rights. To change or withdraw your consent choices for Investopedia. At any time, you can update your settings through the "EU Privacy" link at the bottom of any page. These choices will be signaled globally to our partners and will not affect browsing data. We and our partners process data to: Actively scan device characteristics for identification.
I Accept Show Purposes. Your Money. Personal Finance. Your Practice. Popular Courses. Part Of. Getting Started. How Social Security Is Organized. Getting Benefits. Benefits and Your Income. Benefits for Spouses. Benefits for Dependents, Survivors, After Divoce. Immigrants, Non-Citizens, Americans Abroad. Smart Benefits Strategies. Stock Market Basics. Stock Market. Industries to Invest In. Getting Started. Planning for Retirement. Retired: What Now? Personal Finance. Credit Cards.
About Us. Who Is the Motley Fool? Fool Podcasts. New Ventures. Search Search:. Updated: Mar 9, at AM. The Social Security tax is collected separately from federal income taxes. When you file your income tax return, you won't get any credit for the amount of Social Security taxes that you've paid.
The only way it will affect your return is if you work multiple jobs and your total Social Security withheld exceeds the annual limits.
Mark Kennan is a writer based in the Kansas City area, specializing in personal finance and business topics. Social Security. By Mark Kennan.
0コメント