Getting Ready For W-2 Time – Social Security Business Services Online

Are you an employer? Do you handle payroll services, whether for one business or many? Has your business registered to use the free Social Security Business Services Online (BSO) yet?  Use of BSO is free but registration is required. Although W-2 season may seem far away, now is a good time to prepare by making…
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Tax forms with pen

Is Your W-2 Form Correct?

Soon we will start receiving W-2 forms for 2015. Rather than just tossing it on the table until needed for completion of your taxes, make sure your W-2 is correct now. It is important that your name and Social Security number (SSN) be correct on your W-2 form. In the short term, a mismatch between your…
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Using 2015 Earnings For 2016 Retirement Benefits

Q: I am working through December and have completed my Social Security online application to start retirement in 2016. Will 2015 earnings be used to determine my retirement amount? A: Your best 35 earning years, adjusted for inflation, are used to compute your SSA retirement amount. Assuming your 2015 earnings are one of these best…
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Employers – Register For Business Services Online Now

The W-2 season is only a few months away. Now is the time for employers to register to use Social Security Business Services Online (BSO). A registered employer can verify the Social Security number (SSN) of newly hired and existing employees online or overnight, without seeing the paper SSN card. Verifying now that you have…
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How Many People Pay Into Social Security?

Last week I wrote about how to correct a work record that was missing some employment earnings. It is important for your personal record to be correctly posted. In addition to helping fund current Social Security benefits, your earnings are used to compute your future retirement amount. Through W-2 reporting and self-employment tax information, the…
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