no they are considered to be an senior citizens
no
Sure you do still pay your share of the FICA (social security and medicare) (OASDI) taxes on your earned income as long as you are providing your services to earn the income and are still breathing.
Not by the state. Florida residents are not required to pay state income taxes, which is why it is such a popular place for retirees to live.
A 70-year-old individual may still be required to pay various taxes depending on their income, assets, and activities. They may have to pay income tax on any taxable income they earn, including retirement income, pensions, or rental income. Additionally, they may be subject to property tax if they own real estate, and they may have to pay sales tax on purchases they make. It is essential for older individuals to consult with a tax professional or contact their local tax authority for specific guidance.
A seniors paying taxes should not have to pay while the rich get richer and pay fewer taxes. The rich individuals should pay more taxes because they could afford it.
Yes
Yes, interest income is taxable.
Yes. You must pay income tax on all earned income.
no
Taxes on income earned in the US is the same for all wage earners.
You will pay income taxes on all income, including fees your earned. You would not pay inheritance tax on that amount. It would be a good idea to consult a probate attorney in your state.
All business operations pay taxes of all kinds plus income taxes on the net profit from the business operation.
No. FICA taxes (Social Security, Medicare, etc) are only paid on earned income.
No. You only pay FICA taxes on earned income (wages, salary); paying on Social Security benefits would amount to paying the same tax twice.
Technically, yes. All income earned must have federal income taxes paid. State income taxes may also be owed. Fortunately, a minor's income tax rate is usually 15%.
Monaco doesn't pay income taxes
Sure you do still pay your share of the FICA (social security and medicare) (OASDI) taxes on your earned income as long as you are providing your services to earn the income and are still breathing.