Ask a question

Can I Contribute / Start A 401k If I Am Unemployed But My Spouse Is Working And We File Our Taxes

Can someone who worked on an H1B for 10 years and contributed to social security taxes will get social security benefits after retirement even though he/she doesn't get a Green Card or citizenship?

Social Security credits earned by working in the United States will be counted toward work requirements in the social insurance programs of other countries if (and only if) the United States and the other country in question have what is called a “totalization treaty” for social insurance benefits. The United States has totalization treaties with twenty-six countries, most of them European. If you are a citizen of one of these countries, reside in that country, and have worked enough in that country to earn at least partial benefits, you will generally receive social insurance benefits from your own country, and not from the United States. Your US work credits will be added to your native country work credits in order to determine your eligibility. (These treaties also work in the opposite direction: work in another country will be counted toward eligibility to receive US benefits.)In addition, there are two additional lists (one of 57 countries and one of 58 countries) where, if you have earned sufficient credits in the US alone (having worked 40 quarters in the United States) and are thus eligible to receive benefits based solely on your US work, the United States will pay benefits to you directly even though you are no longer a resident of the United States. Various restrictions apply. Questions should be directed to the SSA Office of International Operations or to a US embassy or consulate.India (which seems to be the country of interest in this question) is on one of the two lists mentioned in the second paragraph above. Negotiations between the United States and India to establish a totalization treaty (which would have moved India to the first list) broke apart in late 2015.

It seems for a lot of people the GOP tax cuts didn’t work for them. What have tax cuts done for you and your family?

My taxes went up massively. I live in New Jersey so capping the state and local deduction shafted me.And, it’s a dirty little that when the Feds cut taxes block grants to state and local governments go down. So. Pool fees jumped this year. Parking fees jumped this year. Fares on NJ transit didn’t go up but the quality and quantity of service collapsed, making commutes far longer and more onerous. People with kids in schools had to pay higher fees to participate in sports and music activities.These are all things that our taxes paid for previously. Hence they are tax increases.The sum total of tax cuts (around a negative $5000) and various tax increases will leave me out upward of $8000 this year.Just to pound home the point, just because a fee increase isn’t called a tax doesn’t mean that it isn’t a tax. What matters isn’t your Federal tax rate, but the sum total of all federal, state and local taxes, fees, addons, tolls etc paid to the government. A tax cut is a tax cut if and only if the overall tax burden across ALL levels of government goes down.The brutal fact is, Republican tax cuts didn’t work for Reagan, they didn’t work W, and they aren’t working for Trump. Reagan’s tax cut produced oceans of red ink, a massive stock market crash, a banking crisis, and a jobless recovery that sank HW Bush’s re-election hopes. W’s tax produced oceans of red ink, a massive banking crisis, a stock market crash. And both increased the all-in tax burden.Trump’s tax cuts are NOT producing more revenue; we are drowning in a sea of red ink. Yet despite tax “cuts” we’re spending more on all-in taxes than ever.Tax cuts are supposed to benefit the economy by putting more money in peoples’ pockets. But if the tax cut ends up net increasing the all-in tax burden then they fail.Why are Republicans so obsessed with raising the overall tax burden? And looking at the burgeoning deficits spending is wacko out of control. Truly, Republicans are the Tax and Spend party.

Pros and Cons of living in France as opposed to the United States?

I was watching Michael Moore's Sicko and was amazed about France. The way that the French take care of their people makes me want to pack my things and move there. But I know that it can't be all good.

Pros and Cons of living in France as opposed to the United States?

If I am unemployed will I have to pay alimony?

Actually, you don't need to quit your job in order to gain access to your 401k money. You can get approval from your 401k provider after sending them a simple letter that in effect states the case that you know that the stock market is fraudulent, with a few examples and if you don't gain access your the entirety of your 401k account and gain access to your funds you will hold them personally liable for any losses that occur on your account after they receive this letter from you. Your 401k provider will fold like a cheap suit and give you access you all your 401k funds. Email me for a free copy of this letter. Get your money out so that your financially irresponsible wife cannot steal more of your money from you.

I'm losing my job tomorrow, with two kids, a car and a house. What is my best thing to do?

Tell everyone you know you’re looking for a job. Network on LinkedIn and other social media.File for unemploymentPrioritize your bills - must have (electric), want to have (cable), can be late (credit cards), can ignore/deferred (paying back your brother/student loan). Know when you’re going to run out of money.[Edit] Thanks to everyone who pointed out to call your creditors. They’ll work out slow to delayed payment schedules.Plan for bankruptcy. There’s never a better time.Look into tapping your 401k after being laid off. Yes, it’s a bad idea… but better than homeless.Spend 50 hours a week looking for jobs in your field. Do this locally for a week, then spread out nationally if possible. Look for remote positions if you cannot move. Customize EVERY resume using key words from the job description. Have 40 bullet points and skills/results for your resume - use 25 on any given resume.Looking for a job is NOW your full-time job.After a national search in your field, go outside your field.After savings and unemployment are gone, take ANY job. File for federal assistance.Spend 15 hours a week looking out for yourself. Get to the gym. Start running. Make lunch plans with colleagues and friends. Immerse yourself in a hobby you used to love (after the job search hours are done).Go to parks with the kids. Take your wife out on a date to just watch the stars.Don’t panic or get stressed out. You’ve been without money before. You’ll be fine in a few months.[Edit: I was laid off seven months ago. This is how I prioritized.Your situation may be different. Your retirement may be a higher prioritization. Your credit score may be a bigger deal to you. You may not be able to move to a different part of the country.For me, it worked fine. I had a job offer 7 weeks later. I moved for the new job 10 weeks later about 500 miles north. Grabbing some dollars out of my 401k, that became available after rolling over to a traditional IRA, kept me above water. I probably put my retirement target age back about 6 or 10 months. If I was 58-years-old, it would have bothered me - a lot. But for now, it cost me a 10% IRS penalty and I lost future earnings on what I took out.Thanks for reading]

How much taxes will be taken out of my paycheck if im a minor?

Being a minor makes no difference.

They'll take 7.65% for social security and medicare, 3.07% for PA state tax, a few pennies for unemployment, and 1% or more (depending on where you live) for local wage tax. They'll likely take something also for federal income tax, depending each week on how much you make that week and what you put on your W-4. If you put single/zero which you should have, on a week when you get 32.5 hours they'll take $13.69 for federal income tax. If you make under $5700 for the year, which you probably will this year if this is your only job since you're starting so late in the year, you'll probably get all the federal income tax back if you file a tax return early in 2011.

For weeks with 32.5 hours, you check should be something like:

Weekly Gross Pay
Federal Withholding
Social Security
PA SUI (unemployment)

Net Pay

minus whatever they take for local wage tax - 2.36 most places, or between $5 and $10 in a few places.

At some point, they'll probably take $10-$52 for a once a year Emergency Services Tax.

What should one keep in mind when starting life in the US on a H1-B visa?

1) First and foremost, Enjoy your next 0-n years stay in USA ! You are going to be experiencing a new stage in your life.2) Take advantage of the “resident” status on H1B and study part-time with in-state fee, to improve your skills. This will also help in networking. Some companies also provide tuition benefit3) Make sure you have less liabilities. You never know when you will be asked to leave OR when you will have to leave OR when you would want to leave.4) Discuss about your green card process with your employer and I would start it asap.5) Travel around the US. And also visa free destinations with US work visa, such as Bahamas and Costa Rica. These countries are beautiful!6) Make friends with people from different races. Don’t stay in a cocoon with your own language/race/religion/country friends. You will never get such an opportunity to meet people from so many races here. This will improve the way you perceive your life7) Invest in 401(k), IRAs, stocks, MLPs. Keep watching those. 401(k) isn’t just about stocks. You can have your money in bonds, money market, assets, etc. First, don’t panic.8) Marry or get a girl/boy friend to spend at least half of your stay on H-1B in US. The experience will be different.9) If you prefer and you love to spend your life in USA, if you get an opportunity to stay back for life, planning for kid in USA can be good with employer health insurance and good quality medical facilities in cases of emergency. Also For eg: GC for EB2 EB3 India may take 82.5 years if you file now. But, your kid may sponsor you in 21 years :) Just kidding..10) BTW, also don’t forget to carry your H-1B documentation when you travel outside USA, if you want to come back into the US.11) Get a Canadian Visitor visa. Don’t ask me why. You will know it..

What's wrong with our social security system?

I'm also not a tenth grader slacking off on a homework problem. There is SO much info on social security. I have tried researching. I need a broader understanding of how social security before I attempt to have an opinion on it. For example, what does it mean to "privatize" social security?

What is wrong with our Social Security system?

It exists