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Social Security Number, Definition. A Social Security number is a unique nine-digit code that’s used to identify you and track your earnings over the course of your lifetime. These numbers were ...
Although the original purpose for the number was for the Social Security Administration to track individuals, [1] the Social Security number has become a de facto national identification number for taxation and other purposes. [2] A Social Security number may be obtained by applying on Form SS-5, Application for a Social Security Number Card. [3]
A Social Security number makes it easier to open financial accounts in the U.S., as well as build credit and apply for loans. In addition, an SSN allows you to work and pay into the Social ...
A side effect of the Social Security program in the United States has been the near-universal adoption of the program's identification number, the Social Security number (SSN), as the de facto U.S. national identification number. The SSN is issued pursuant to section 205(c)(2) of the Social Security Act, codified as .
Internal Revenue Code section 6109(d) provides: "The social security account number issued to an individual for purposes of section 205(c)(2)(A) of the Social Security Act [codified as 42 U.S.C. § 405(c)(2)(A)] shall, except as shall otherwise be specified under regulations of the Secretary [of the Treasury or his delegate], be used as the ...
For example, Kansas levies a 3.1% to 5.7% tax on all income, but it exempts Social Security income for residents with an AGI of up to $75,000. Most other states have similar types of exemptions ...
To report your Social Security income, you can use Form 1040 or 1040-SR. ... tax automatically withheld from your Social Security benefits by filling out Form W-4V or calling the IRS toll-free ...
In 2020, the Social Security Wage Base was $137,700 and in 2021 was $142,800; the Social Security tax rate was 6.20% paid by the employee and 6.20% paid by the employer. [1] [2] A person with $10,000 of gross income had $620.00 withheld as Social Security tax from his check and the employer sent an additional $620.00. A person with $130,000 of ...
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