Are my US social security benefits subjected to federal income tax in Finland? Or I’ll be exempted from paying that?
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Are my US social security benefits subjected to federal income tax in Finland? Or I’ll be exempted from paying that?
If your work is covered by both the U.S. and Finnish Social Security systems, you (and your employer, if you are employed) would normally have to pay Social Security taxes to both countries for the same work. However, the agreement eliminates this double coverage so you pay taxes to only one system, if you work as an employee in the United States, you normally will be covered by the United States, and you and your employer will pay Social Security taxes only to the United States. If you work as an employee in Finland, you normally will be covered by Finland, and you and your employer pay Social Security taxes only to Finland.
There is an agreement treaty between Finland and US onSocial Security protection for people who work or have worked in both countries. It helps many people who, without the agreement, would not be eligible for monthly retirement, disability or survivors benefits under the Social Security system of one or both countries. It also helps people who would otherwise have to pay Social Security taxes to both countries on the same earnings.
The agreement covers Social Security taxes (including the U.S. Medicare portion) and Social Security retirement, disability and survivors insurance benefits. It does not cover benefits under the U.S. Medicare program or the Supplemental Security Income program. Before the agreement, employees, employers and self-employed people could, under certain circumstances, be required to pay Social Security taxes to both the United States and Finland for the same work. Under the agreement, you generally will be covered and taxed only by the country where you reside.