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Someone tell me how to exempt my girls (one who will be working in a year and a half) from "contributing".
Start their own business, or only work as subcontract labor.
Your not an employee, your are in more control of your taxes. It is easy to make it look like you make a fortune, or you didn't make anything.
Remember SS is not a tax. They cannot seize assets over not paying SS.
Employees don't have a choice. It is taken out on payday.
I don't have to file that form. I have a choice. I will not get a very big SS check if I make it that long(doubtful, I play hard and live life on the edge), from when I was young and employed.(15-21 yo)
That's my choice.
I would love to opt-out but can't since I'm not self employed.
It's a rip-off. Even if I just invested that money into a basic, low interest savings account it will probably be worth more when I retire than what (if anything) I'll get from SS.
Start their own business, or only work as subcontract labor.
Your not an employee, your are in more control of your taxes. It is easy to make it look like you make a fortune, or you didn't make anything.
Remember SS is not a tax. They cannot seize assets over not paying SS.
Employees don't have a choice. It is taken out on payday.
I don't have to file that form. I have a choice. I will not get a very big SS check if I make it that long(doubtful, I play hard and live life on the edge), from when I was young and employed.(15-21 yo)
That's my choice.
How will that be possible for a brand spanking new 16 year old applying for her first job at the local golf course, target, Jewel?
I guess she could fill out a waiver saying she is a minister?
Of course they are, and raise that retirement age to 70. Keep those old geezers paying and or at the least take an early out. Either way wall street gains, old fart loses. However, in order to do that congress must pass stricter laws to motivate small businesses from not hiring those at an advanced age, such as brick laying companies. They need to create the illusion that companies are really truly hiring those closer to dropping in their tracks, in contrast to those who aren't, in order to keep those investors flush
Hell, they are forced out and won't nobody hire them. So they live on the streets and barely make it by until it kicks in. And right now, there are many who lost with the 401K. Lost everything.
They didn't go to school to learn that. They went to school and got + higher education in their field. They aren't stock brokers. And given the history, there seems to be collective amnesia of exactly how that works. They steal. They stole in the late 1920's, they stole again in the 80's and damned if they didn't steal again. And yet, we are supposed to walk in sleepy eyed and ...........do it again.
So, afterwards some jack off can walk right in and say that they "were not responsible". Shoot. Responsible my freaking foot.
All this talk about Social Security, but I have to ask, Who doesn't pay any SS?
Are you given the option to use that money to invest as you see, for better returns?
Being self employed, I have the option to pay, or not. I'm not penalized if I don't. It is not part of my income taxes.
As a former tax advisor, I have to tell you you are very wrong about the bolded. I'd advise you to take your taxes to someplace like H&R Block because it seems you have been doing them wrong.
They've closed almost all loopholes for anyone not self-employed.
Become a minister or operate your own business is about the only two left.
Being a minister or self-employed does NOT get you out of paying into social security! The only way you don't have to pay into SS is to be a government employee.
No. Social Security coverage is mandatory. But consider this: unlike your private plan, Social Security provides disability and survivors coverage in addition to retirement benefits. And Social Security generally offers greater protection for family members than private pensions.
The law also does not permit a refund of Social Security taxes. The authority for the collection of taxes, including Social Security taxes, is found in the Internal Revenue Code, not the Social Security Act. (See sections 3101(a) and 3102(a) of the Code.) We suggest that you direct any questions you may have about tax liability to that Agency for consideration. The address is:
Internal Revenue Service
1111 Constitution Avenue NW
Washington, D.C. 20224.
I certify that I am conscientiously opposed to, or because of my religious principles I am opposed to, the acceptance (for services I perform as a minister, member of a religious order not under a vow of poverty, or a Christian Science practitioner) of any public insurance that makes payments in the event of death, disability, old age, or retirement; or that makes payments toward the cost of, or provides services for, medical care. (Public insurance includes insurance systems established by the Social Security Act.)
I certify that as a duly ordained, commissioned, or licensed minister of a church or a member of a religious order not under a vow of poverty, I have informed the ordaining, commissioning, or licensing body of my church or order that I am conscientiously opposed to, or because of religious principles, I am opposed to the acceptance (for services I perform as a minister or as a member of a religious order) of any public insurance that makes payments in the event of death, disability, old age, or retirement; or that makes payments toward the cost of, or provides services for, medical care, including the benefits of any insurance system established by the Social Security Act.
I certify that I have never filed Form 2031 to revoke a previous exemption from social security coverage on earnings as a minister, member of a religious order not under a vow of poverty, or a Christian Science practitioner. I request to be exempted from paying self-employment tax on my earnings from services as a minister, member of a religious order not
under a vow of poverty, or a Christian Science practitioner, under section 1402(e) of the Internal Revenue Code. I understand that the exemption, if granted, will apply only to these earnings. Under penalties of perjury, I declare that I have examined this application and to the best of my knowledge and belief, it is true and correct.
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