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Can ca franchise tax put a lien or levy social security benefits?
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A distinction must be made between two possibilities. The first possibility is that the IRS garnishes your social security check, directly through the Social Security Administ…ration. The second possibility is that the IRS levies the bank account where your social security check was deposited. . Answer (Bank Accounts) . Yes, but only up to 15% from an account which ONLY has Social Security funds. If any other deposits are made to the account (cash, checks, etc.), then you would probably have to battle in court about the percentage which is Social Security. . 20 CFR 404.970 SSR 79-4 Generally, Social Security benefits are exempt from execution, levy, attachment, garnishment, or other legal process, or from the operation of any bankruptcy or insolvency law. The exceptions are that benefits are subject: (1) to the authority of the Secretary of the Treasury to make levies for the collection of delinquent Federal taxes and under certain circumstances delinquent child support payments; and (2) to garnishment or similar legal process brought by an individual to enforce a child support or alimony obligation. Section 207 of the Social Security Act provides: "The right of any person to any future payment under this title shall not be transferable or assignable, at law or in equity, and none of the moneys paid or payable or rights existing under this title shall be subject to execution, levy, attachment, garnishment, or other legal process, or to the operation of any bankruptcy or insolvency law." . Answer (Directly Through Social Security) . The IRS can take 15% of your social security retirement benefits under the automated Federal Payment Levy Program (FPLP); however there is no such restriction on the non-FPLP (manual) levies. An exemption amount for reasonable living expenses may be requested, or be applied, to any levies.
You will have to pay federal taxes on your Social Security benefits if you file a federal tax return as an individual and your total income is more than $25,000.
No, California is not one of the fourteen states that levy taxes against Social Security benefits.
Social Security doesn't withhold taxes from your benefit check unless you fill out a form specifically requesting them to, because many recipients don't owe taxes on their ben…efits. If Social Security is your only source of income and you receive less than $25,000 per year for a single person, or $32,000 for a couple filing jointly, your federal tax burden is 0%. If you believe you will owe taxes and want them withheld from your check, fill out Form W-4V, Voluntary Withholding Request, available as a download on the Social Security website (see links).
Fourteen of the 50 states tax Social Security benefits (through 2010): Same rate as Federal Government MinnesotaNebraskaNorth DakotaRhode IslandVermontWest Virginia Tax So…cial Security based on Total Income ConnecticutIowa (Phasing out tax levy from 2008-2014)Kansas (Only taxed if AGI is more than $75,000)Missouri (Will complete phase-out in 2010)Montana Adds Federally Untaxed Social Security Income back to AGI* ColoradoNew MexicoUtah *These states apply broad age-determined income exclusions.
Yes. At present, Missouri taxes Social Security benefits based on total income. This will phase out at the end of the 2010 tax year. There will be no state tax on benefits rec…eived in 2011.
Yes it is possible for from 50% to 85% of any social security benefits to become taxable income on your income tax return. If you received income from other sources, your be…nefits will not be taxed unless your modified adjusted gross income is more than the base amount for your filing status. Your taxable benefits and modified adjusted gross income are figured in a worksheet in the Form 1040A or Form 1040 Instruction booklet. Before you go to the instruction book, 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 that you received for the year to all your other gross worldwide 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, some of your benefits may be taxable. The 2009 base amount is: * $25,000 for single, head of household, qualifying widow/widower with a dependent child, or married individuals filing separately who did not live with their spouses at any time during the year Go to the IRS gov web site and use the search box for IRS Publication 915, Social Security and Equivalent Railroad Retirement Benefits. For more information, see the Related Link below.
No. Massachusetts is not one of the fourteen states that tax Social Security benefits.
Go to the IRS gov web site and use the search box for Publication 915 (2009), Social Security and Equivalent Railroad Retirement Use the search box for What is Taxable and Non…taxable Income? Click on the below related link
Because you are required to when you have other gross worldwide income and form 50% to 85% of your SSB can become taxable income on your 1040 federal income tax return at your… marginal tax rate.
No they cannot. They are one of 14 States that cannot levy for State taxes. Federal, yes.
They are without taxes.
The answer is NO! This is yours to use as you see fit.
No; Social Security tax (i.e., FICA) is collected from earned income only.