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Do you pay fica tax on pension?

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Do I have to pay FICA and medicare tax on my pension if I retire early at age 55 and not working?

No. A pension, like IRA and 401k distributions, is not considered earned income. You do pay income tax, but not FICA (Social Security and Medicare), on those sources.
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Does an independent contractor pays selfl-employment taxes instead of FICA taxes?

  That is correct, exept that the employer pays a portion of your FICA, whereas when you are Self-employed you are hit with the full amount. Of course you have the advanta

Do members of congress pay FICA taxes?

  Yes. Since 1983 government employees arecovered by SS/Fica like everyone else...and pay into it like everyone else.   Before that (and still in some States and areas)

Do you pay state tax on ny pension?

Depends on which state you move to when you retire.  Each state has its on rules but the states that dont tax in ny pension are.............  NY, Hawaii, Illinois, Floria

Does one pay fica taxes over 70 years of age?

  If one has income subject to the FICA tax (such as wages, tips, self-employment, etc.), then yes. There is no age limit on FICA tax.

What is the purpose if a FICA tax?

FICA stands for Federal Insurance Contributions Act! It's a tax that employers take out of employees' pay check for social security benefits for the elderly, disabled, the ret

Who do you pay fica and social security taxes to?

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

Is medicare considered fica tax on pay stub?

Yes, FICA (Federal Insurance Contributions Act) is the combination  of Social Security and Medicare taxes.

What does fica pay for?

The (OASDI) Old Age Survivor and Disability Insurance (FICA) (social security and Medicare taxes) all mean the same tax. Possible future social security benefits and some medi