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Which of these forms lists the amount of Social security taxes that were paid during the year?
A W-2 form lists the amount of Social Security taxes that were paid during the year.
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On the federal tax schedule does the amount due include the Social security and medicare contributions?
No. The schedules are for the Federal income tax only. (To start - FICA contributions are considered more an insurance and retirement payment, not a tax -(it is earmarked and… not available as part of ordinary US Treasury funds, and the "income" that it is based off of is defined entirely different than that for Income Tax. Many people have very large incomes but owe no SS, or can have no taxable income - after losses and deductions, and still owe and have substantial FICA contribution income).
If you're talking about retirement benefits, you should receive your first check or deposit in the month following your first month of eligibility; benefits are always paid in… arrears. If you're talking about disability benefits, there is a five month waiting period, so you should receive your first check or deposit in the sixth month after the date disability was approved. Benefits are paid according to the birth date of the person whose earning record is being used to issue payment: 1st - 10th.....................second Wednesday of month 11th - 20th...................third Wednesday of month 21st - 31st....................fourth Wednesday of month SSDI + SSI...................third day of month Approved prior to 1997...third day of month SSI only........................first day of month If the regularly scheduled payment falls on a holiday, the benefit will be issued one business day prior to the usual date.
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.
The usual rationale is that, after paying in $107K, the uber-wealthy would have little hope of ever collecting as much as they pay in, which is a ridiculous answer - because l…ots of people will pay in more than they will ever collect. Some people pay in for decades then die before they're old enough to receive their first check. The terminally ill aren't excused from paying their part. The absolute WORSE EXCUSE for not paying your fair share is "Sorry, I'm too rich to pay forever, like the rest of you schmucks do." This "wealth cap" should be removed. Dave Johnson (Fellow of the Campaign for America's Future - CAF) wrote a very good piece about this. It's available on the organization's website and on HuffPo. I highly recommend it. Another problem is that Social Security taxes are deducted from income, some people make a tiny income on paper and structure their real sources of wealth so that it's something - ANYTHING other than declared income.
They are not subject to the Social Security tax. But they are subject to all other taxes including Medicare tax, federal income tax, and state income 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.
Almost everybody, either through deductions on their paycheck or through self-employment tax.
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.
Answer Perhaps. It depends on whether you have enough non-Social Security income to be required to file an income tax return. Also, for 2007 and, possibly, 2008, you ma…y qualify for an economic stimulus rebate, but only if you file a return. You can find a form on the internet or at the library. Just because IRS didn't send you a form, doesn't mean you are exempt from filing.
about 674 us dollars
If you were a employee and had a employer you can use the below information for your situation. Firms and workers file Form SS-8 to request a determination of the status of a …worker for purposes of federal employment taxes and income tax withholding. A Form SS-8 determination may be requested only in order to resolve federal tax matters. If Form SS-8 is submitted for a tax year for which the statute of limitations on the tax return has expired, a determination letter will not be issued. The statute of limitations expires 3 years from the due date of the tax return or the date filed, whichever is later. The IRS does not issue a determination letter for proposed transactions or on hypothetical situations. We may, however, issue an information letter when it is considered appropriate. The above information come from the Form SS-8 page 4 and it is available by going to the IRS gov web site and using the search box SS-8 You can click on the below related link