answersLogoWhite

0


Best Answer

social security (FICA)

User Avatar

Wiki User

15y ago
This answer is:
User Avatar

Add your answer:

Earn +20 pts
Q: If you have earned income what retirement devices must you contribute to by law?
Write your answer...
Submit
Still have questions?
magnify glass
imp
Related questions

If you have earned income retirement devices must you contribute to by law?

social security (FICA)


What retirement device must you contribute to by law if you have earned income?

social security (FICA)


Are retirement benefits earned or unearned income?

retirement benefits are considered earned income.


Is federal retirement earned income?

Federal retirement distribution that a taxpayer receives during the year is NOT earned income for the year. The amounts are retirement benefits.


Is a pension earned income?

Retirement distribution amounts that a taxpayer receives during the year is NOT earned income for the year. The amounts are retirement benefits.


Do monthly retirement checks reduce social security checks?

No the retirement income is not a EARNED income. And the amount of your retirement income that you receive during the year would NOT be included in the earnings test amount that could reduce your SSB amount for the year.


Is medicare taxes deducted from payroll after member turn 65 and start paying premiums?

Yes Medicare will continue to be deducted regardless of age. As long as you have earned income, even after retirement, you continue to contribute to Social Security and Medicare with FICA taxes at the same rate as before you retired.


If your only income is from a pension can you still contribute to an IRA?

NO. Pension income would NOT be a QUALIFIED EARNED INCOME for contributions to a IRA account.


Can you open a Roth IRA if your income is not high enough to be taxed?

YES You Can! When you have earned income, and your MAGI is less than - $166,000 (married filing jointly filers) - $114,000 (single and head of household filer) - $10,000 (married filing separately) You can contribute the lesser of your earned income or $5,000 for 2008. For more information about IRAs see IRS Pub 590, Individual Retirement Arrangements.


Can you contribute to your IRA if you are drawing social security?

You can contribute to an IRA if you are not yet 70 1/2 and have some source of W-2 / 1099 self employment income. Social security payments are NOT considered income that can be used to contribute to an IRA.


What is considered earned income after retirement age?

Any type of payment that you worked for would be Earned income it can be any type of payment items, money, bartering, self employment, any type of payment or property, etc that you receive for providing your services working for any one.Go to the IRS gov website and use the search box for What is Earned Income?


What are two main factors to consider when beginning a retirement plan?

number of years worked and potineal income earned