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 tax is 6.2 percent of an employee's wage. Anemployer also contributes another 6.2 percent, which is a total of12.4 percent.
In the UK you do not pay tax on social security benefit. In the USA the Social Security tax is levied equally on employees and employers. It is about 7.65% on each. The tax… is limited to a certain dollar amount each year for highly paid workers. Self-employed people have to pay in both halves (15.3%).
12.4%. One-half, 6.2%, is withheld from wages. The other half is paid by the employer. The employee tax rate for social security is 6.2% (amount withheld). The employer tax… rate for social security is also 6.2% (12.4% total). The 2008 wage base limit was $102,000; it increased to $108,600 in 2009, and will remain at that base through 2011. 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 wage considerations in many ways, (it has a top limit that changes regularly of about 97.5K, how pension contributions factored, State taxes, etc.). If you are an employee, the employer MUST pay half of the contribution (so you only directly pay 7.65%). 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.
The Social Security tax cap for 2001 was $80,400.
I am not clear as to what your question means. If you are asking what income is subject to Social Security taxes, then the answer is wages/commissions/salaries/tips (except… from certain exempt entities), self-employment income, and imputed income from employer life insurance benefits.
Net profit from business operation 536.30 X 15.3% equal to 82.05 social security and medicare tax. But please understand that SS/FICA taxable income is NOT the same as taxa…ble income for other purposes. For example, you cannot take the amount of income that tax has been withheld on and use it. Or the amount you "received" in your pay - as many other factors are considered as FICA taxable that may have been deducted or not even seen in your payroll.
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)
Potentially, yes-it depends on your income level. The amount taxed could be very low. In general, up to 50 percent of your SSDI benefits may be taxed, which is determined by a…dding up one-half of your SSDI benefits plus all of your other income sources. For the 2012 tax year, taxes are owed on any amount above a base level of $32,000 for couples filing jointly and $25,000 for individuals. Additionally, SSA benefits can be taxed up to 85 percent if the total of one-half of your benefits and all your other income for the tax year is more than $34,000 if filing single or $44,000 if you are married filing jointly; or if you are married, filing separately and lived with your spouse at any time during the tax year.
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?
Go to the IRS gov website and use the search box for IRS Publication 915, Social Security and Equivalent Railroad Retirement Benefits. Publication 915 is available on the IRS …Web site. Use the search box to choose the 1040 instructions. Page 28 of the 1040 instructions book 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 $25,000. 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.
Regan ans It is taxed NOW, if the recepient receives above an amount of income otherwise. It USED to be not taxed.
Social security disability and social security benefits are the same thing and would be subject to income on your correctly completed 1040 income tax return When you have othe…r sources of world wide income. Generally, if Social Security benefits were your only income, your SSB benefits are not taxable and you probably do not need to file a federal income tax return. If you have any other sources of worldwide income and (tax exempt interest and exempt dividends) then it is possible for some of your SSB to become taxable income on your income tax return and then you would be required to file an income tax return.
It depends on how much your AGI is. Most people on disability only have that as their income so they pay no tax. If you also have a pension, there is a good likelihood that yo…u will have to pay tax on it.
I believe none of it is taxed.