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Do you still have Social Security deducted from your check if working and collecting Social Security?
Does your employer still withhold Social Security if you are retired and collecting Social Security?
Yes. If you work after retirement, you will still have contributions to Social Security and Medicare (FICA) withheld from your paycheck at the same rate as before retirement.
The specific amount withheld should be shown on your payment stub or direct deposit receipt, and is labeled FICA. A total of 7.65% of your pre-tax income (6.2% for Social Se…curity and 1.45% for Medicare Hospital benefits) is withheld from each paycheck until you reach the current earnings cap of $106,800. There is no earnings cap for the 1.45% Medicare Hospitalization contribution, so that continues to be withheld regardless of your income. Your employer pays a matching amount from company funds, bringing the total contribution on your behalf to 15.3% of the first $106,800 of salary. If you earn less than the maximum, you can easily calculate your total annual contribution by multilplying your base salary x .0765. For example: A person who earns $35,000 in 2010 will contribute $2,677.50 toward future retirement benefits, and his or her company would match that contribution for a total of $5,355.
Do you have to contribute to Social Security if you collect Social Security benefits and work full time?
Yes as long as you are still living and have any type of earned income you are required to contribute your social security and medicare taxes on the income that you work for.
You need to call the Social Security office toll-free at 1-800-772-1213 between the hours of 7:00 am and 7:00 pm, or walk into a local field office and ask. If you were rece…iving a paper check, contact them as soon as possible to have a stop-payment placed on the check. They should then issue a new one. If you're not using direct deposit for your monthly benefits, you are strongly encouraged to do so.
If you are receiving Social Security Disability and reach full retirement age, the full amount of your benefits will be transferred from SSDI to Social Security Retirement. If… you are receiving Supplemental Security Income and are over the age of 62, you may be able to receive Social Security Retirement benefits in addition to your SSI if you have worked and paid into Social Security long enough to be eligible.
YES. From 50% to 85% of your SSB amount that you are receiving can become taxable income on your 1040 federal income tax return. As long as you are still breathing and earni…ng any amount of qualified earned income you will still be paying the social security and medicare taxes on the earned income. Go to the IRS gov website and use the search box for IRS Publication 915, Social Security and Equivalent Railroad Retirement Benefits. Use the search box for 1040 and choose the 1040 instructions go to Page 28 of the 1040 instructions book page that has the Social Security Benefits Worksheet for Lines 20a and 20b of the 1040 tax form. If you received income from other sources, your benefits will not be taxed unless your modified adjusted gross income is more than the base amount for your filing status. For a single taxpayer the base amount (cap) is 25000. Your taxable benefits and modified adjusted gross income are figured on a worksheet in the Form 1040A or Form 1040 Instruction booklet. You can 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 you received to all your other 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, then some of your benefits may be taxable. From 50% to 85% of your SSB can become taxable income on your 1040 income tax return and would be added to all of your other gross income and taxed at your marginal tax rate.
Yes, however if you begin drawing retirement benefits at age 62 you would only receive approximately 75% of the amount you would be entitled to by waiting until full retiremen…t age to file (66). Also, if you are earning more than $14,160 per year, your benefits will be temporarily reduced by $1.00 for every $2.00 you earn over the limit. If you earn enough income, filing early can become a zero-sum game. You can request a statement from Social Security to help determine whether drawing early benefits is in your best interest, or whether you should wait for now. For more information, see Sources and Related Links, below.
Absolutely. As long as you qualify for each of them individually. Three states currently will offset your unemployment benefits by your Social Security (not the other way arou…nd) and they are Illinois, Virginia, and Utah.
if they have over paid you or you were collecting workers comp or some kind of retirement and did not tell them about it.
Payment for retirement begins at 62 (at a reduced level), but payment for disability can be at any age.
If you are an employee and you have an employer you will NOT have any amounts withheld out of your net take home paycheck. You NEVER do have any deductions for federal taxes o…r other items from your net take home paycheck when it is issued to you. The net amount that is on the paycheck that you have in your hand is your net pay for the pay period after all of the federal taxes and other necessary withholding amounts have been withheld from your gross earnings by your employer payroll department. You should get the information from your employer payroll department if you really need to know the correct numbers or amount that should be deducted from your gross earnings not from your paycheck. It is possible that the one that is paying you is treating you as a self employed taxpayer (independent contractor) and will be issuing you a 1099-MISC at the end of the tax year for your business operation. If that is what is going on and it is not correct then you may have to contact your local IRS for some assistance with this matter. Go to the IRS gov website and use the search box for Form SS-8 If, after reviewing the three categories of evidence, it is still unclear whether a worker is an employee or an independent contractor, Form SS-8, Determination of Worker Status for Purposes of Federal Employment Taxes and Income Tax Withholding (PDF) can be filed with the IRS. The form may be filed by either the business or the worker. The IRS will review the facts and circumstances and officially determine the worker's status. Be aware that it can take at least six months to get a determination, but a business that continually hires the same types of workers to perform particular services may want to consider filing the Form SS-8 (PDF). The information that is on the 1099-MISC is used to report the income that you received during the year using the 1040 income tax return and if the amount from the 1099-MISC is in box 7 nonemployee compensation then you are a self employed taxpayer. You will need to report that income, and any related expenses, on Form 1040, Schedule C, Profit or Loss from Business, or you may qualify to use Form 1040, Schedule C-EZ, TO determine your Net Profit from Business. You will also need to use Form 1040, Schedule SE, Self-Employment Tax to compute and report your social security and Medicare tax. For instructions and forms go to the IRS gov website and use the search box for publication 334 a very good place to start with examples Publication 463 Travel, Entertainment, Gift, and Car Expenses Use the search box at the IRS gov website for Small Business and Self-Employed Tax Center Filing Season Central is your one stop assistance center for filing your business returns. This includes Highlights of Tax Law Changes, Tax Tips, and more. 2 of the seven tax tips for starting a business enclosed below. #4 Good records will help you ensure successful operation of your new business. You may choose any record keeping system suited to your business that clearly shows your income and expenses. Except in a few cases, the law does not require any special kind of records. However, the business you are in affects the type of records you need to keep for federal tax purposes. #7. Visit the Business section of IRS gov for resources to assist entrepreneurs with starting and operating a new business. Go to the IRS gov website and use the search box for the below referenced material *Starting A Business *Operating A Business *Closing A Business *Publication 4591, Small Business Federal Tax Responsibilities (PDF 470.1K) For more detailed information go to the IRS gov website and use the search box and type Publication 583, Starting a Business and Keeping Records. The following are some of the types of records you should keep: *.Gross receipts are the income you receive from your business. You should keep supporting documents that show the amounts and sources of your gross receipts. Documents for gross receipts include the following: *. Cash register tapes *. Bank deposit slips *. Receipt books *. Invoices *. Credit card charge slips *. Forms 1099-MISC and more information is available below
For most beneficiaries, Medicare Part B for 2010 is $96.40/month (same as 2009).
You may be an independnet contractor, not an actual employee. If you are, the company/employer doe sNOT have to provide much for you plius YOU MUST pay many things, incl the …7.65% of the 15.3% FICA tax hey normally would.
Yes, as long as you qualify under both programs.
For most beneficiaries, Medicare Part B for 2010 is $96.40/month (same as 2009).If you are enrolled in Medicare Part B, your premium is automatically deducted from your social… security check. For 2009, if you make less than $85,000.00 per year, $96.40 will be deducted from your social security check.