What Is The Social Security Number And Why Is It Important?

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Written By Financial master

 

 

 

 

 

The Social Security Number (SSN for short) is a 9 digits number that is issued for US citizens, temporary residents and permanent residents. It is a number that is issued by the Social Security Administration, with the main purpose of tracking all eligible individuals for purposes associated with social security. However, it is also a number that is used for different other purposes.

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At the moment the number is utilized to identify people inside the USA. It is quite rare that duplicates exist and this rarely ever happened. Credit records, student records, patient records and employee records are at times indexed through the SSN. At the same time, the US Army utilized the number for identification purposes.

Taxing Purposes

The most common use of SSN and the reason why people verify social security number is related to taxes. According to the internal revenue code, the SSN is issued because of Social Security Act and is to be used as an identifying number. The main uses of the SSN for taxing purposes are as follows:

  • Returns Inclusion – Every single person in the USA that has to make a tax return, a statement or a document that includes statements or returns will need the social security number. It is offered for identification purposes and should always be included.
  • Social Security Numbers For Other People – All people that is connected to a statement, return or similar document needs to provide social security numbers in the event that any identification is to be made. To put it as simple as possible, the SSN needs to be added whenever talking about official identification purposes connected with an individual in the US.
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The US Treasury regulations highlight the fact that all people that work for employees for a wage that is subjected to taxes through Social Security, US federal income taxes and Medicare taxes has to apply for the social security number with the use of an SS-5 form. Taxpayers that are not currently eligible for the Social Security Number need to get a Taxpayer Identification Number as an alternative.

Why Is The Social Security Number Important?

As you surely already saw in movies, the SSN is basically highlighted in various situations. This is a number that is incredibly important. People that are born with an US citizenship will automatically receive a social security number. Those that eventually gain the citizen title will need to file for the number to be allotted to them.

On the whole, if you do have any connection with the medical system or with the taxing system in the US, the social security number needs to exist. In the event that you do not know how to go through the process, you will need to contact an attorney that can deliver the help that you currently need. There are many that are specialized in offering the help that you currently need in order to get your social security number. After you get it, make sure that you do not divulge it, unless required by law.