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Before, during and after retiring, many government officials did other work, among them agents who actively worked for the army and/or reserve and the National Guard, where income was covered by social security. And if you're not sure if you're entitled, you can go to Social Security at 1-800-772-1213 or go to their great website at to sign up and get your Social Security Report printed out.
Significant gains amounted to $2,250 in 1972 and $23,850 in 2018. An exhaustive listing of significant years is provided below. The social security contributions are calculated on the basis of the employee's mean salary per month, adapted to the rate of rate of inflation. You divide your median income into three figures and factor the figures by three. As an example, for a 62-year-old 2018 employee, the first $895 of mean income per month is multiplicated by 90 per cent; between $895 and $5,397 by 32 per cent; and the rest by 15 per cent.
Totals of the three payments correspond to the entire amount of the month's payments. This 90 per cent reduction is applied in the amended form and is gradually introduced for employees who have completed 62 years of service or who became invalid between 1986 and 1989. In the case of those who are 62 years old or were handicapped in 1990 or later, the 90 per cent reduction to 40 per cent is applied.
The 90 per cent tax, for example, is not deducted if you have 30 or more years of "substantial" income in a position where you have been paying social security contributions. Cf. the first chart showing the amount of significant revenue for each year, the second chart showing the percentage decrease from 21 to 30 for the number of essential years.
Yearly Social Security earnings reports that you can get online from the Social Security site contain all your income information by year back to when you began working. Use the WEP Social Security Calculator to calculate your pension. In order to calculate your number of substantive acquisition years, use the substantive Earnings Chart on this page and highlight each substantive acquisition year in your Social Security Statistics report.
List the number of the main yield years and use the following graph to calculate the amount by which your disbursement will be cut in 2018. Please note: Your Social Security Statement contains an estimation of your payments excluding WEP adjustments. Figure below shows WFP reductions in 2018 for 20 or less significant years and up to 30 for each significant year.
If you have 25 significant years of income, for example, your social security payments will be cut by $223 per month. If you have full 30 years of significant income, your payments will not be slashed. Social security website also provides a WEP computer that you need to input all your previous receipts taxable by social security that are listed on your social security statement.
Upon your application, the Social Security Agency will provide a copy of your income certificate or you can go to the Social Security website to obtain a copy.