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how much money can you earn per year, without having to pay taxes, i was told it was approximately $8,000, is that correct?
FICA contributions, including various sub (categories of things like SS, Disability, Health, etc) are 15.30% of FICA wages. What is considered FICA wages differ from other wag…e considerations in many ways, (it has a top limit of about 106,800, how pension contributions factored, State taxes, etc.). If you are an employee, the employer MUST pay half of the contribution so you pay 7.65% and the employer pays the same. If you're self-employed, the amount normally paid by the employer is collected through something called the "self employment tax" when you file your income tax return.
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.
More than six hundred dollars in a year.
Your husband and you draw Social Security and have tax taken out before you receive your check When you file your taxes do you have to again pay taxes on that money?
When you file you will calculate the correct amount of taxes that you actually owe. If not enough was taken out, you will have to pay more. If too much was taken out, you …will get a refund. Yes the tax you had withheld is taxable...the entire amount you receive, whether you put it in a savings account at the bank, or one with the IRS is taxable. Tax due isn't deductible from taxable income...that would be circular.
I wish I could give you a simple answer. They have made it incredibly complex. See the Related Links for a guide on this.
(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.
just call them they will tell you
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.
When you have one employer the amount of FICA ((OASDI) Old Age Survivor and Disability Insurance) for your social security would stop once your wages with the withheld social …security amount reach 106800 and social security amount withheld would be 6621.60
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.
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.
You will have to pay federal taxes on your Social Security benefits if you file a federaltax return as an individual and your total income is more than $25,000. If you file a …joint return, you will have to pay taxes if you and your spouse have a total income of more than $32,000.