A social security number is of great importance if you are
living in the United States because it is a resource of your income when you
are retired or suffering from any disability. Social security number is a 9
digit number that is issued to the citizens of United States and those who
apply for the social security benefits. This number is used by the federal to
keep a record of every citizen lifetime earnings and also the credits you have earned
while working. When you get retired or need of a disability income then you
have to apply for the social security benefits for which you will need your
social security number. To provide you with the benefits government utilize all
the information about the contributions you have made and this will analyze the
eligibility and the calculations are done to get your payments. The majority of the citizens use the same
number of social security their entire life. Some people replace their SSN
because of identity theft.
Key features of SSN
- A social security number is a unique figure that is assigned by the united state government to the residents and this number helps in tracking the income as well as to determine the benefits.
- There is a wide array of purposes for which SSN is used
- You can use SSN as an identifier, opening a bank account, applying for credit cards, obtaining insurance, obtaining benefits provided by the federal and also to buy a new car or a house.
When and why your SSN is required?
At the time of your job recruitment, your social security
number is asked by your employer. Your account department is going to use your
social security number to report the income to IRS and also your wages to the
administration. There are other purposes for which it is used as income tax
reporting until there is no income tax rule in your state. Also if you are participating in the E-verify which
is a program that makes sure that you are legally working in the country and before you even start working you will
need a social security number.
Opening an account with any United States financial institution
Since the year 1970, the government has made it essential for
the banks to get a social security number. all the financial institutions require social security number to verify your working credits and also to
report investment income, interest and loss to the IRS, to report any deductibles of your mortgage interest. It
is also used to manage the accounts. Financial
institutions also accept taxpayer identification number as an alternative.
SSN when you apply for a loan
When you are going to apply for a federal loan the first
thing that is asked is your SSN because it will ensure your eligibility for the
loan for an instance student loan. To be eligible for the federal loans for students
you must not be in default on any other load by the federal, you must have a
visitor status or authentic citizenship.
For the male applicants, it is important that they have registered with
the selective service.
SSN for public assistance of certain types
There are many public assistance programs valid in the states
such as unemployment perks or disability benefits are totally managed by the
state government or federal agencies who need your SSN for identification to
make sure that people are not claiming for benefits they are not eligible for.
SSN for Medicare
SSA works with the Medicaid and Medicare services centers when
they are enrolled with such SS benefits. Without a SSN you will never be able
to obtain your social security benefits.
SSN required for passport
Even to apply for a password the federal law needs citizens
to provide their social security number and if you are not having SSN then the
process might get delayed. In case you are having the social security number
and you are hiding then you will be fined five hundred dollars for this. Keep
this in mind your federal has every record.
SSN for tax return
As already mentioned IRS use the social security number for
a variety of purpose and also use your SSN to verify your income that you have
reported on your own to the income tax office. Also, it is important to provide your children
social security number that will help you claim dependant tax return.
SSN to get driver’s license
Also to apply for the driving license you will need to
provide your social security number. If
you are not a citizen then in many situations you are exempt from providing
your SSN in numerous conditions SSN is required such as registrations in
school, getting a driver license, to enroll with public assistance like
subsidized housing, private health insurance and others. The united state government
does not provide social security numbers to the outsiders because they are not
authorized to work in the country. It also says that even the credit card companies
as well as banks will not ask you SSN.
Without a SSN no financial institution will be able to run
any verification on the outsiders who make it daunting to provide loans or any
other facilities.
These are the conditions in which social security number is required;
in fact, the majority of the enrollments require a social security number. If you
are a citizen of the united states then the most important thing which you have
to get to avail the advantages of this identity as well as the social security
benefits. Also, you have to keep your social security number safe because it can
cause identity theft. Social security number is used for various purposes from
buying a car to availing social security benefits. These are the scenarios in
which social security number is required and without which there are many tasks
which cannot be completed without social security. If you are the citizen of United
States then you must have a social security number to avail the benefits associated
with it.
