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Are the monthly social security retirement checks based on your income when you worked or on quarters for everyone reguardless of income level?
No, earned income includes wages, salaries, tips, other taxable employee compensation, and net earnings from self-employment. Earned income also includes strike benefits and a…ny disability pay you report as wages.
Generally, if Social Security benefits were your only income, your SSB benefits are not taxable and you probably do not need to file a federal income tax return. If you have… any other sources of worldwide income and (tax exempt interest and exempt dividends) then it is possible for some of your SSB to become taxable income on your income tax return and then you would be required to file an income tax return.
No. The Social Security benefits would be a part of all of your other Unearned Income for the year. You are not working for the benefits that are paid to you during each year.…
Answer No, ordinary creditors can't garnish Social Security benefits. However, the IRS can. This is a relatively recent program. If your Social Security benefi…t is more than $750/month, and you have an IRS obligation that's more than 6 months in arrears, the IRS can garnish 15% of your monthly benefit. As I understand it, this may not apply to Soc. Sec. Disability or perhaps to other types of Soc. sec. benefits, but it definitely applies to S.S. Retirement benefits. (I know, because I was just notifed that they'll be taking $207 from my monthly benefit!) They must notify you in advance, but the notice may arrive just a couple days before they garnish your next payment (mine did). You then have the right to appeal it, based on "hardship," but you should contact the IRS right away or they'll garnish your next payment. Answer NOT SS disability payments. Answer No. All Social Security benefits are totally exempted from creditor action, except by the IRS under the recent program mentioned above.
Social Security Disability Income is a Federal program. The rules are the same for all states. This site, in the Related Link below, may be able to answer some of your questio…ns,
Social Security benefits (retirement and disability) count as income for Medicaid. However, Supplemental Security Income (SSI) does not count as income for Medicaid.
the number of fiscal quarters the employee worked during his or her lifetime and the amount of money the employee contributed to the Social Security Trust Fund
Yes it is possible that from 50% to 85% of your SSB can become taxable income on your 1040 federal income tax return. Generally, if Social Security benefits were your only inc…ome, your SSB benefits are not taxable and you probably do not need to file a federal income tax return. If you have any other sources of worldwide income and (tax exempt interest and exempt dividends) then it is possible for some of your SSB to become taxable income on your income tax return and then you would be required to file an income tax return.
You will have to use the worksheet to determine the correct amount. If you have other worldwide income, tax exempt interest, tax exempt dividends, etc it is possible that from… 50% to 85% of your social security benefits could become taxable income on your income tax return at your marginal tax rate. Go to the IRS gov website and use the search box for IRS Publication 915, Social Security and Equivalent Railroad Retirement Benefits. Publication 915 is available on the IRS Web site. If you received income from other sources, your benefits will not be taxed unless your modified adjusted gross income is more than the base amount for your filing status. For a single taxpayer the base amount (cap) is $25,000. Your taxable benefits and modified adjusted gross income are figured on a worksheet in the Form 1040A or Form 1040 Instruction booklet. You can do the following quick computation to determine whether some of your benefits may be taxable: *.First, add one-half of the total Social Security benefits you received to all your other income, including any tax exempt interest and other exclusions from income. *.Then, compare this total to the base amount for your filing status, if the total is more than your base amount, then some of your benefits may be taxable. From 50% to 85% of your SSB can become taxable income on your 1040 income tax return and would be added to all of your other gross income and taxed at your marginal tax rate. For additional information on the taxability of Social Security benefits, Go to the IRS gov website and use the search box for IRS Publication 915, Social Security and Equivalent Railroad Retirement Benefits
Earned income is subject to FICA withholding, regardless of your age. If you continue working, even if you are also drawing Social Security benefits, you will continue to cont…ribute to Social Security.
How do you check someones income with social security number to collect civil judgment for verifed income?
Answer You may NOT receive any infiormation on anyone else from the IRS. Regardless of what you know or what your needs are. Not even a court order, if you could… get one, directing the IRS to disclose info would be legal or enforceable. End of story.
Your disability income is based on the last 10 years of you working income.
I believe there are ways to make additional income when on disability. You will have to find out the maximum amount your allowed to make while on disability. You are permitted… to make up to a certain amount in addition to the amount disability pays you.
Yes. However, it is subject to a very complicated formula that takes into account what your total income is and takes into account certain non-taxable income such as municip…al bond interest. And the whole amount of your Social Security payment is not taxable. A maximum of 85% of your payment is taxable. (Don't misunderstand this statement, the tax rate is NOT 85%.) If you really want to know if your benefits will be taxable, fill out the Social Security Benefits Worksheet on page 27 of the Form 1040 instructions: http://www.irs.gov/pub/irs-pdf/i1040.pdf You can also find an online calculator at the end of this article: http://www.smartmoney.com/personal-finance/taxes/will-your-social-security-benefits-be-taxed-again-21987/
I am 72 years old and draws social security and retirement, but has a mortgage payment each month. Do I need to file for taxes?
Yes social security benefits are considered to be income and when you have other sources of worldwide income it is possible for some your social security benefits to become ta…xable income at your marginal tax rate on your 1040 income tax return as long as you are still living. Yes you do know that SSB are considered to be income and when you have other sources of worldwide income it is possible for some your social security benefits to become taxable income at your marginal tax rate on your 1040 income tax return as long as you are still living.
Unlikely unless you are married and your spouse is filing a separate return (rather than a joint return). You might also have to file taxes if you receive a large lump sum for… benefits from a previous year or years. But are you sure you have no other income? No interest from the bank? No pension? No IRA? No 401k? No investments?