Hello Guys! My friend who is working overseas for ECO told me that the Company discontinued paying his Social Security Contribution…Told him that
Overseas account are the one paying him thats why ECO are not required to put contribution in his behalf…WOW! I was surprised! Ist true? and he told
me that once an employee got his full 40 credits then his already safe not to put any contribution on Social Security… so, if that’s the case a mariner wanting
to go and work overseas should make sure that he got 40 or more credits or find a company paying social while working outside the country…are there anymore companies doing (not paying social) this? And is’t legal? And how about other companies like HOS, Seacor, tidewater are they paying social? Any feedback are all welcome and appreciated! Thanks!
Last year Chouest informed it’s Nigeria employees that the employee would have to start paying Nigeria taxes. They made us sign a form stating they were allowed to take out the foreign tax from our pay and refusal to sign would result in termination. At the end of the year I was able to file a foreign tax credit. That amount was credited to my US taxes. But they had also stopped taking out LA taxes and I ended up paying LA over $3000. Make sure you know the tax laws when working overseas.
[QUOTE=miami;60708]Hello Guys! My friend who is working overseas for ECO told me that the Company discontinued paying his Social Security Contribution…Told him that
Overseas account are the one paying him thats why ECO are not required to put contribution in his behalf…WOW! I was surprised! Ist true? and he told
me that once an employee got his full 40 credits then his already safe not to put any contribution on Social Security… so, if that’s the case a mariner wanting
to go and work overseas should make sure that he got 40 or more credits or find a company paying social while working outside the country…are there anymore companies doing (not paying social) this? And is’t legal? And how about other companies like HOS, Seacor, tidewater are they paying social? Any feedback are all welcome and appreciated! Thanks![/QUOTE]
The above is basic, but correct and legal. 40 quarters is a milestone that needs to be achieved but further payments into the system are still important as it raises the amount paid to you file at >62. (If there is anything left that is)
[QUOTE=Jeffrox;60721]The above is basic, but correct and legal. 40 quarters is a milestone that needs to be achieved but further payments into the system are still important as it raises the amount paid to you file at >62. (If there is anything left that is)[/QUOTE]
The 40 credits will qualify you to receive the SS Benefit. The bad news is that because of the way our benefits are calculated you will find that your monthly benefit amount drops every year that you (and your employer) don’t pay into the system. After about 7 years working overseas with nothing paid in, my benefit at the minimum retirement age has dropped to below $2000 a month…!