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When filing taxes and expecting a refund, are social security and medicare taxes also supposed to be refunded? |
I am new to filing taxes and a friend told me a website where I can file online. I am a student with no dependents, or any other special cases. I worked at Target part time while in school and I expected a refund. When I filled out the forms online (I haven't submitted it yet) it calculated my refund as I went along, and at the end, I was refunded my federal and state taxes, but not social security and medicare. I filed last year, but I don't remember if I got social security and medicare back or not because i didn't work much in 2005 so my refund was meager. Am I supposed to get that money back in my refund? The reason I am concerned is because they took out a LOT of money for social security! Nope. You will not get anything back. It's supposed to go toward retirement, etc. when you are older. Social Security and Medicare are combined components of FICA. No. You will get a refund on your wages only if the tax paid was more than required. (You paid 8% in social security tax - that's standard.) No. If you get anything back, it is only from the Federal and State withholding. The SS and medicare are going into the big pot of money that you will (or at least they pretend like you will) get back in the future. Negative. SS & Medi are paid into a fund that you supposedly will get back when you retire. No, you will NEVER get those back. And the sooner the public realizes that Social Security is in reality a pyramid scheme (thanks fdr) the sooner we can get some real reforms done. But as long as the socialist democrattts are in power, we'll just keep diggin the hole. Here's some advice: Don't ask a question like that in here and expect an accurate answer. Christ in hell, did all you people just get off the stupid bus? forms come with directions No. You're paying into the social security system. You'll get your "refund" when you retire. sorry no way in hell will the government give those back. those deductions are or your golden age, if the funds are still around. No, you get no refund on your social security or Medicare withholdings. You do get refunded your state and federal income tax withholdings though. They probably did take a lot of money for social security because there are a lot of retired people counting on that benefit. Your withholding DO NOT go to any fund or account that you personally will get back when you retire, they go to pay the current benefits of current retirees. |
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