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 everyone pay FICA taxes?

I have an employee over 70 years of age, can she stop withholding her FICA taxes?. (Social Security). Thank you

Do you have to pay taxes on pensions?

Generally...yes, sometimes only on a part of it though. Again, generally, the amounts contributed and/or the amounts earned on the investments, were NOT taxed originally.

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), they we

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

What do FICA taxes pay for?

The (OASDI) Old Age Survivor and Disability Insurance (FICA) (social security and Medicare taxes) all mean the same tax. Go to the SOCIAL SECURITY ONLINE web site

Do you pay income tax on FiCA?

Federal Insurance Contribution Act (FICA) Yes it is possible when you start receiving your social security benefits that you qualify for. From 50% to 85% of the amount that yo

What age do you pay FICA Tax?

In most cases, there is no minimum age for payroll tax withholding. Parents do not have to withhold payroll taxes on payments for services of a child under the age of 18 who w

Does your employer pay FICA taxes?

Yes. The way it works in most cases is that you pay FICA taxes in the amount of 6.2% of your gross income and your employer also pays the same amount. Also you are required to