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Showing posts with label social security. Show all posts
Showing posts with label social security. Show all posts

January 26, 2017

Social Security - When Retiring Abroad In What Countries Can You Continue to Receive Benefits?

If you are retiring abroad and want to collect social security, sometimes there are restrictions and limits imposed by the social security administration. READ MORE ABOUT THE RULES HERE.


December 2, 2014

Self Employment Taxes (social security and medicare) for US expatriates working abroad.


The US has social security agreements with the countries listed below. These agreements provide that if a US Expatriate in working in a treaty country, in many instances (it can vary by the country) they may elect coverage under US social security or the social security program of the country in which they live and work. This only applies if the expatriate is self employed.  If the US expat is an "bonafide employee" of a foreign corporation subject to all the normal tax withholding and employment laws of that country they do not need to pay US social security.

If the country you work in DOES NOT have a social security agreement with the US, you must pay US self employment tax (social security plus medicare tax) on your net self employment income (after deducting expenses) whether or not you are paying social security or its equivalent in your country of employment.

The foreign earned income exclusion does not apply to US self employment taxes and does not reduce the self employment tax you owe even though it does reduce you income subject to US income taxes.

Social Security Handout on International  Social Security Agreements Benefits

Countries with Social Security Agreements
CountryEntry into Force
ItalyNovember 1, 1978
GermanyDecember 1, 1979
SwitzerlandNovember 1, 1980
BelgiumJuly 1, 1984
NorwayJuly 1, 1984
CanadaAugust 1, 1984
United KingdomJanuary 1, 1985
SwedenJanuary 1, 1987
SpainApril 1, 1988
FranceJuly 1, 1988
PortugalAugust 1, 1989
NetherlandsNovember 1, 1990
AustriaNovember 1, 1991
FinlandNovember 1, 1992
IrelandSeptember 1, 1993
LuxembourgNovember 1, 1993
GreeceSeptember 1, 1994
South KoreaApril 1, 2001
ChileDecember 1, 2001
AustraliaOctober 1, 2002
JapanOctober 1, 2005
DenmarkOctober 1, 2008
Czech RepublicJanuary 1, 2009
PolandMarch 1, 2009
Slovak RepublicMay 1, 2014

November 11, 2014

When is Social Security Taxable to Those Retired Abroad or Expatriates

Read the following ARTICLE FROM USA TODAY to find out when your social security is taxable. 

Remember, to collect social security you must pay in a minimum amount and qualify. Go to the Social Security Administration Website to find out how much you must pay in, your possible benefits, and collecting social security while living abroad or after surrendering your green card or citizenship.  That website is at www.ssa.gov 

April 26, 2014

US International Social Security Agreements and Self Employed Expatriates

If you do not live and work in a country with a Social security agreement with the US, and are self employed as a sole proprietor (not an employee) you will have to pay US self employment tax which is medicare and social security ( 15.3% of your net profit).

The US has social security treaties with the countries below.  If self employed these treaties set forth rules on which countries social security you can pay into.




Countries with Social Security Agreements
CountryEntry into Force
ItalyNovember 1, 1978
GermanyDecember 1, 1979
SwitzerlandNovember 1, 1980
BelgiumJuly 1, 1984
NorwayJuly 1, 1984
CanadaAugust 1, 1984
United KingdomJanuary 1, 1985
SwedenJanuary 1, 1987
SpainApril 1, 1988
FranceJuly 1, 1988
PortugalAugust 1, 1989
NetherlandsNovember 1, 1990
AustriaNovember 1, 1991
FinlandNovember 1, 1992
IrelandSeptember 1, 1993
LuxembourgNovember 1, 1993
GreeceSeptember 1, 1994
South KoreaApril 1, 2001
ChileDecember 1, 2001
AustraliaOctober 1, 2002
JapanOctober 1, 2005
DenmarkOctober 1, 2008
Czech RepublicJanuary 1, 2009
PolandMarch 1, 2009
Slovak RepublicMay 1, 2014





http://www.ssa.gov/pressoffice/factsheets/colafacts2014.html

October 7, 2013

US SOCIAL SECURITY FOR THOSE OUTSIDE OF THE US AND US NONRESIDENTS

Sometimes there are problems receiving social security when you are outside the US or a nonresident of the US living in  another country.  The Social Security Administration has published a great pamphlet setting forth the rules.  They also are good at answering questions when you phone the SSA.  Their website is at www.ssa.gov.   The Pamphlet setting forth those rules can be Downloaded  HERE.


September 23, 2011

China Will Now Collect ChineseSocial Security from Foreign Workers


From October 15, expats working in mainland China will be forced to pay 11 per cent of their salaries to the government in exchange for access to benefits such as pension coverage and medical insurance.
While employees will see a significant chunk of their tax-home pay disappear, their employers are also being hit by the new tax, as companies are forced to contribute a further 37 per cent of the foreign staff’s salaries.
The move could discourage multinationals from sending foreign workers to China in the future, while employees will be concerned about another raid on their salaries. Income tax in some cities in China is already charged at 45 per cent at the top tier.
Given China’s hunger for foreign talent, especially in cities such as Shanghai, it has been quick to promote the benefits for foreign workers.

April 7, 2011

US Individual Income & Social Security Rates Compared with Other Countries

The percentage of income that the average worker pays for income taxes and social security taxes is set forth below for various countries:


  • Germany 41.3%
  • Austria 32.7%
  • Italy 29.3%
  • France 27.7%
  • United Kingdom 25.3%
  • Canada 22.6%
  • USA  22.4%
  • Japan 20.1%
The US does not look that bad and is far from the highest. These figures were put together by the Organization for Economic Cooperation and Development for the year 2009.

February 19, 2011

COLLECTING SOCIAL SECURITY WHEN RETIRED ABROAD

You can still get US social security
If you are a U.S. citizen, you may receive your benefits in most foreign countries, usually by check or direct deposit. If you are not a U.S. citizen, the answer is more complicated, with certain rules applying to certain countries. For specifics, see the Social Security publication "Your Payments While You Are Outside the United States." 


You generally must pay into social security for ten years to get benefits. Many US expats who work for foreign employers do not pay into US social security and therefore may not have enough credits to collect benefits.  You cannot receive it just because you are a US Citizen if you did not pay into the system. Read more at www.ssa.gov