WHAT YOU NEED TO KNOW ABOUT FUTURE SOCIAL SECURITY
BENEFITS
Every year your daycare business reports a taxable profit on
Schedule C, you must remit self employment taxes. These taxes are
paid into a social security fund in your name. Ideally, when you
retire, you will be able to draw on these funds and receive a check
from the Social Security Administration.
How do they determine your benefit? Are they using accurate
data?
Fortunately, there is a way to check on them!
If you were born in 1945 or later, you can get an estimate of your
retirement benefit by filing an application for a Personal Earnings
and Benefits Statement. This form can be obtained by calling
1-800-772-1213 or by downloading it from the Internet at
http://www.ssa.gov. There is no cost to request this form and no cost
to receive the data which has been collected on you.
The form is easy to fill out. It asks for your name, address,
social security number, a projected estimate of your average annual
income, and the age at which you would like to retire. About two
months after returning this completed form to SSA, you will receive a
personalized statement which will reveal everything the Social
Security office has on file for your work history along with a
projected retirement benefit.
It is important that you check over this statement to verify that
your work history has been accurately documented. If you find
mistakes or relevant information is missing, you will need to provide
tax returns to substantiate your claim. Once you submit the correct
information, be sure to ask for another statement so that you can
prove the corrections were made.
(c) 1999 Brigitte A. Thompson
No information may be reproduced without written permission from the
author. This information is based on current tax laws which are
subject to change. Every effort has been made to ensure this
information is as accurate and complete as possible; however, the
author assumes no liability for any errors, mistakes, or
omissions.
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About the Author:
All articles ©Copyright 1999 Brigitte A. Thompson
Brigitte is the President of DATAMASTER, LLC and has been providing
accounting, bookkeeping, income tax and payroll services since 1992.
She has also operated a home daycare for years and has written a
book
for providers :
The Home Daycare Complete Record-keeping System
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