What would you like to do?
Is social security taxed?
Almost everybody, either through deductions on their paycheck or through self-employment tax.
The Social Security Act of 1935 was signed into law by President Franklin D. Roosevelt on August 14, 1935. The government began collecting taxes for Social Security in January… 1937, and began paying regular monthly benefits in January 1940. In 1939, the government added survivors' benefits and benefits for retired spouses and children; disability benefits were added in 1956. President Johnson introduced Medicare as part of his "Great Society" initiative. The bill was signed into law on July 30, 1965. Medicare began signing up beneficiaries on July 1, 1966.
Thats where the money comes from to pay you social security.
Age, whether it be young or old, is irrelevant to your taxability. Social Security IS taxable income, although there is a calculation that makes much of it, if not all of it,… NOT actually taxed for many, depending on the amount of SS received AND other income sources (like interest, retirement, Pensions, etc)
A taxpayer filing single has at least 19850 of income and receives at least 10500 or more of social security benefits would have to include from 50% to 85% of the SSB in the t…axable income on the 1040 tax form and it would be added to all of the other taxable gross income and taxed at the marginal tax rate. Go to the IRS.gov web site and use the search box for PUBLICATION 915 (2009), Social Security and Equivalent Railroad Retirement Are Any of Your Benefits Taxable?
Old age survivors and disability insurance (oasdi) social security benefits and medicare insurance .
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.
Not sure what you are asking, but if you mean where do you find it on your paycheck stub, it is the number under the heading "F.I.C.A."
In the State of Ohio, state employees do not pay Social Security. They pay into a state run pension plan.
Yes -- if you have other sources of income, you have to pay regular federal income tax on 85% of what you get from social security. There is no state tax on it in my state,
The amount of money deducted from your gross salary, supposedly put in a "lock box" for future use as a "retirement benefit" from US Govt. when one reaches the age of 62 or la…ter. The older one is before one begins withdrawing SS, the more one should receive each month, up to your maximum input permanent retirement. If one has been married for at least ten years, gets divorced, the person with the lower SS earnings is able to collect 50% of the other spouse's SS benefits, without reducing the higher earner's benefits until the lower earner remarries. If one is on disability , SS no longer is withdrawn from disability check. One can also receive SS disability , should one qualify. That amount is then deducted from one's company's disability payments, but is no taxable, like income from work disability.
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.
Social Security earnings are not taxed.
The tax is based on the amount of money earned so it depends on what the person earns.