im 17 and ive been working part time since i was 16. ween i do my taxes i get back all of my state and federal income tax back,but is there a way i can get my medicare and my social-security tax back.till im an adult.
No there is not. I know, its taxation without representation and it goes against everything this country stands for, but you still can't get the money back.
The good news is that you are already getting credit for paying into the social security program. Assuming the rules don't change and the system doesn't go bankrupt (either one of which is likely before you're old enough to collect), you have to meet minimum requirements for the amount you paid in, and the number of years you paid in, so at least you're getting started on that.
Under some limited circumstances, foreign citizens can get back Social Security taxes. US citizens can never get back Medicare taxes unless more than 1.45% was withheld and in that case, you get it from your employer.
The only time you can get Social Security taxes refunded is if you had more than one job and your total income for Social Security purposes is more than the limit for that year ($106,800 in 2009).
The money you are paying into the system isn't in a separate account for you, but the amount you pay does determine how much you will get each month when you retire or become disabled. (You may think that disability is not going to happen, but it does. In fact, people under the age of 40 are more likely to become disabled than to die.)
If you received back all of the federal and state income taxes that were withheld last year and you expect your income to be below $5,700 this year, you should file a W-4 stating that you are exempt from withholding.
I hope this helps.
Gary
No there are not. ALL earned income is subject to Social Security and Medicare taxes whether you're a newborn or 110 years old.
And it's not "taxation without representation" as one clueless respondent claims. You may not be able to vote yet, but you ARE represented and you CAN and SHOULD make your wishes known to your elected representatives. In fact, youth not quite yet eligible to vote is a demographic that most elected officials actively court. If they can get you on their "side" early, you may be voting for them for many years to come.
No.
No U.S. citizen can receive back even one penny of medicare money under any circumstances. The only situation in which medicare tax is refunded involves foreign students who obtain jobs through their college or university and only if the tax should not have been withheld in the first place.
The only other situation in which any social security tax is refunded is if you were taxed on more than the maximum amount that can be subjected to social security tax, which is currently approximately $80,000. If you made less than $70,000 and the foreign student situation described above does not apply to you, then you cannot receive back any of your mediare or social security tax.
The only loophole on fica/mc is if you go to college and have an ON-CAMPUS part time job. The government doesn't charge you fica/mc for the years you are getting your degree.
(I wish they had, but that's another story.)
Social security and Medicare are not refundable
and your state disability is also non refundable
Nope. Those are never refundable.
No, you don't get ss or medicare back.
Not really. You need a certain number of quarters to qualify for either. those deductions will count.