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Social Security Quest ions-Answers By D. C.Nichols ' Field Representative Q. . I know April 15 is*he deadline for filing income-tax returns with Internal R eve nue. But what is the deadline for certain social security benefi - ciaries to file a yearly earning report with the Social Security Administration—and who houH make this report? A. April 15*is also the „ deadline for filing the "annual report" of earnings with the So cial Security Administration. All social security bene - ficiaries bom after February 1, 1897 are required to make this special earnings report if they earned over SI6BO last year. The Northwestern Bank pays the highest legal interest rate on savings! *l/2% Regular Passbook Accounts ■ For the regular saver... our popular Regular Passbook Savings Accounts now earn 4-1/2% annually. You may save any amount at anytime. 51 -Year Certificates Os Deposit High yield for the Northwestern ' investor... our 5-1 12% one-year Certificates. These earn from the date of purchase and mature in 1 year. Their reportable earnings in - elude both wages and se 1 f - employment income. Fail ure to file the report by April 15 may result in a "penalty"— i. e., a loss of additional bene , fits. " The Social Security office employees will be glad to help you with any questions or pro - blems you may have with the report, and if necessary will a» sist you in completing the re port itself. If you go to the Social Security office be sure to take your 1969 W-2 form or if you were self-employed, a copy of your income tax re turn for 1969. Q. I received monthly Ask any NORTHWESTERN BANK Officer for further details on special savings plans. Ail savings deposits are insured up to $20,000 per account by F.D.I.C. THE NORTHWESTERN BANK benefits as a student, over 18 years old, until June 1969 whsi I went to work. I earned the amount of S3OOO in 1969. Must I make a report of my earnings to Social Security? A. Yes. Since you re ceived some benefits during the year and earned over SI6BO you must file a report with the Social Security Administration Besides calling for your total yearly earnings, the report,on form 777, asks for the months if any in which you did not earn over $l4O. In any event you would be due bene fits for those months. Q. My social security checks have been witHield the last three years because of my earnings, and expected earn ings, since I filed my claim. But recently in going over my 1968 income tax return I find I might have been due social security benefits for that year. Is it possible I might still get some back money for 1968? A. Yes, indeed. It'd not too late to file a report of your 1968 earnings and get any back checks to which you may be entitled for that year. Cori - tact the Social Security office if you need assistance in mak ing the report. Q. I've finished my in come tax report, and find I made S2IOO last year. But I 5 Golden Passbook Accounts Our Golden Passbook savers continue t earn a generous 5% daily interest, compounded quarterly. 52-Year Certificates Os Deposit Highest yield for the Northwestern investor... our 5-3/4% two-year Certificates. These may be purchased at anytime and also earn from dat*' of purchase. THE YANCEY RECORD APRIL 2, 1970 had told the Social Security of fice earlier I would not earn over SI6BO in 1969r —~ What should I do? A. File an annual earn ings report with the Social Se curity Administration without delay. Q. My brother-in-law was working for the R a ilroad and yet, after his death, my sister got a lump sum death payment from Social Security But when my husband died I was told the Railroad Board would make the payments to me. Why the difference? A. Social S ecurity has jurisdiction if the dec eased worker had less than 10 years < PAGE 10
The Yancey Journal (Burnsville, N.C.)
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April 2, 1970, edition 1
11
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