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Yes, if your combined income is high enough up to 85 percent of your social security is taxable. To calculate your combined income take your adjusted gross income and add …nontaxable interest and one-half of your total social security benefits.
no im pretty sure you have to be 18 to pay social security tax
Yes, he pays half of the total amount for you and you pay half, of the 15.30%
(SSB or SSDI Retirement Insurance Program, Survivors Insurance Program, Social Security disability insurance program, Supplemental Security Income (SSI) program, Medicare …Program Social Security benefits, including retirement, medical, disability (the persons and his family), "survivors, educational, retraining, etc,. To pay the Old Age Survivor and Disability Insurance benefits to qualified taxpayers that have worked and had the qualifying earned income and reported the income and paid the social security and medicare tax amounts over the years as taxpayers are required to do. 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 receiving 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.
Federal senators and congressmen pay Social Security taxes like anyone else.
Yes, federal Senators do. So do members of the House of Representatives. State Senators may or may not, depending on the state (as is the case with all state employees).
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.
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
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.
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.
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.
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.