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Employed individuals pay 6.2% of their wages to Social Security and their company pays 6.2% for them. Self-employed individuals pay the entire 12.4%. There are three sources of funding for Social ...
Since Lambert was self-employed and not earning a high income, had she started taking her Social Security at age 62, it would only have been about $900 per month, compared to the $1,700 when she ...
You can apply for Social Security benefits online, by phone at 1-800-772-1213 (TTY 1-800-325-0778), or in person at your local Social Security office (appointments are recommended). You should ...
The Social Security benefits program is funded by a payroll tax. Specifically, the government collects a 12.4% tax on wages to pay for retirement benefits.
As a general rule of thumb, Social Security benefits are designed to replace about 40% of pre-retirement income. It will be more if you were a lower earner, or less if you are a higher earner.
When you're self-employed, you don't have as many built-in protections as many employees have. You'll be responsible for your own health insurance, disability insurance and retirement planning ...