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Do Congressmen pay Social Security taxes?
Federal senators and congressmen pay Social Security taxes like anyone else.
The answer depends on your individual circumstances. If you are retired and Social Security benefits are your only source of income, you may file, but generally will not be …taxed. If you also receive income from sources other than Social Security, your benefits will be taxed if your total taxable income exceeds a certain threshold. The formula is very simple. Your adjusted gross income (AGI), meaning income from all taxable sources, will fall into one of the following categories. Depending on your personal situation, you could be taxed on 0% of your Social Security benefits, on 50% of your benefits, or on 85% of your benefits. For a single taxpayer the base amount (cap) is $25,000.If your total AGI is $25-34,000, you will pay tax on 50% of your Social Security benefitsIf your total AGI is above $34,000, you will pay tax on 85% of your benefits For married couples filing jointly, the base amount is $32,000If your total AGI is $32-$44,000, you will pay tax on 50% of your Social Security benefitsIf your total AGI is above $44,000, you will pay tax on 85% of your benefits
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.
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.
The taxes that you are paying now for for the social security and medicare insurance program are being used to pay for the benefits that the current beneficiaries are receivin…g at this time and also some of the amount is being put into a trust fund that has some government assets for use in the future for your insurance benefits.
No. Social Security is only taxable if you have other income in excess of certain thresholds. Since you have no other income, your Social Security is not be taxable.
FICA stands for "Federal Insurance Contributions Act." It's the tax withheld from your salary or self-employment income that funds the Social Security and Medicare programs. T…he (OASDI) Old Age Survivor and Disability Insurance (FICA) (social security and Medicare taxes) all mean the same tax for social security benefits (SSB or SSDI). All mean the same thing. The taxes are paid to the UNITED STATES TREASURY DEPARTMENT.
Presumably the question is about U.S. Social Security taxes. Social Security taxes (commonly referred to as FICA taxes) are taken out of your earnings each time you receive a …paycheck. This rule applies even if the employee is already receiving Social Security benefits. However, by continuing to work, future Social Security benefits may be increased to take into account the additional earnings.
Assuming that this is the United States, you have to pay federal taxes on Social Security benefits if a federal tax turn was filed as an individual and the total income was mo…re than $25,000. If a joint return was filed, takes have to be paid if the applicant and their spouse received an income of over $32,000. The Internal Revenue Service (IRS) Notice 703 seen on the back of the Social Security Statement, SSA Form 1099, can assist in determining if the benefit in question may be taxable. Contact the state or local taxing authority for more information, because some states do tax Social Security Benefits.
There is a means test to determine your total annual income and if it exceeds that amount you will have to pay on the additional amount. You can find it in the tax booklet or …on line by typing in the question do I have to pay taxes on social security income. Generally speaking, most people don't if social security is their only income. However you may still need to file a return.
You will NEVER be able to STOP paying income tax on your SSB amount as long as you are still breathing and you other sources of gross worldwide income and tax exempt interest …and dividends that you are required to report on your 1040 federal income tax return.
Yes, unfortunately this is the case. It's a pro-rated amount after your AGI exceeds a certain threshold. The generally increased per year so you can check the IRS web page or …check the social security web page for the AGI limitation. Charles Coker,CPA Charles, I think you answered a different question; What I think the original question was, is: "Do you pay FICA taxes on earned income after retiring (retirement meaning: collecting a SS benefit)?". I think the answer is simply: yes. Are there other ways that work can increase your benefits? Yes. Each year we review the records for all Social Security recipients who work. If your latest year of earnings turns out to be one of your highest years, we refigure your benefit and pay you any increase due.
Read the part in your tax guide that has a simple equation for determining the the amount of social security to report. It is a small fraction of what you actually receive tha…t you need to report as income.
The self-employed and workers in covered occupations (nearly all of them) plus the employers of the workers.