Social Security update: Direct monthly payment worth up to $4,194 arriving tomorrow for millions

Asher Notheis

December 27, 05:57 PM December 27, 05:57 PM

Several Social Security beneficiary recipients are set to receive this month's retirement payment worth up to $4,194 on Wednesday.

The monthly retirement benefits that the Social Security Administration gives its recipients are scheduled in waves of three, with payments always starting on the second Wednesday of a month and getting issued weekly after that.

Wednesday's payments will mark the third and final payment from the SSA this month and are intended for Social Security recipients born on the 21st through the 31st of a month, according to the SSA's calendar.

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The amount that recipients receive from these checks will vary based on several factors, including when a recipient chooses to retire and start receiving Social Security benefits. In order to receive the highest payment of $4,194, a person must have retired at 70. Those who retired at 67 receive a maximum check of $3,345, and anyone who retired at 62 only gets up to $2,364 per month, according to the SSA.

The first December payment by the SSA was made on Dec. 14 and was intended for people whose birthdays fall between the 1st and 10th of a month. The second payment was made on Dec. 21 and was for recipients whose birthdays fall between the 11th and 20th of a month.

Regular Social Security payments are based on earnings that a person makes throughout their lifetime and do not have any limits based on income or resources. The retirement payments from the SSA are different from other payments distributed by the agency, such as disability insurance or Supplemental Security Income, the latter of which is set to be paid on Dec. 30.

Analysts estimate that unless action is taken by Congress, Social Security insolvency may occur as early as 2034. This insolvency would be caused by more people living longer thanks to the advancements in science and medication, allowing them to take part in Social Security benefits longer than expected. In addition, the number of people working and paying taxes to support these benefits is gradually decreasing, according to the Committee for a Responsible Federal Budget.

Tax rebate 2022: South Carolina residents set to receive $800 check in December

Brady Knox

November 19, 05:00 AM November 19, 05:00 AM

Taxpayers in South Carolina may be eligible for tax rebates worth up to $800 that would be sent out by the end of December.

All taxpayers that filed their 2021 South Carolina Individual Income Tax return, or SC1040, by Oct. 17 will be eligible, according to the South Carolina Department of Revenue. One's rebate amount depends on their 2021 tax liability, with a maximum of $800. Those able to receive the rebate will obtain it via mail or direct deposit by the end of the year. The first rebates have already been sent out and will continue through December.

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Tax liability is defined by the SCDOR as "what's left after subtracting your credits from the Individual Income Tax that you owe."

To calculate one's rebate total, one must first obtain their SC1040 form. If there is no amount on line 10, add the totals on lines 21 and 22, and subtract this from line 15. The remaining amount, up to $800, will be the amount received.

Taxpayers with an outstanding individual income tax bill with the SCDOR will receive even less, with the outstanding amount being subtracted from the total. Those who have outstanding bills will receive a Notice of Individual Income Tax Rebate Adjustment from the department.

However, it isn't too late for those who didn't file their tax return by Oct. 17, as the department is accepting filings until Feb. 15, although they won't receive their rebates until March 2023.