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Are the fees for being an executor of an estate subject to social security tax?
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What tax is paid for retirement income?
estate Social Security tax A+
Does an executor of a Will need to file taxes if the deceased received only social security?
If the decedent was not required to file a return then the executor is not really required to file that return. As an executor, I would suggest that you do file a tax return just so that you cannot be questioned by heirs latter for not doing so. It would not be very expensive to file the return, and it could save you lots of problems down the road.
How much taxes is paid on 16368 on social security income?
My aunt had 23,114 dollars of retirement and 16,368 dollars of social security income.Her social security. Is taxable.How much would she have to pay in social security,dollar-wise?
When do you stop paying FICA for the year?
The maximum amount of wages subject to the FICA-Social Security tax for 2009 is $106,800. There is no limit on the amount of wages subject to the FICA-Medicare tax.
Where can I get my tax identification number?
Your tax identification number is also known as your social security number that will be found on your government issued social security card. If you do not have a card or don't remember your number, you can apply for a replacement card with your local Social Security office.
is the executor required to reveal his social security?
If they are going to get paid for their services, yes. And if they are inheriting anything from the estate they will have to provide it.
Can a credit card company go after the estate of someone whose only income is social security?
If the estate has any assets, they can certainly apply to get their money back. They can place a claim with the executor. The executor is responsible for clearing any debt before distributing assets.
Is the executor required to reveal his Social Security number when liquidating estate holdings?
No, they should not be required to provide their SSN. Estate holdings should be liquidated using the Estate's tax number. If there isn't one, then the executor is slipping up. Worst case would be to use the SSN of the deceased. Transactions have to be associated with a tax number. * The executor/executrix/administrator of the estate (whatever the title) is required to supply his or her SSN as well as that of the deceased or the TID when making a claim for the deceased estate with an insurance company and other such matters.
What are the rights of each brother when one is executor of the trust?
I am the executor of my mother's estate. When she passes away, I am the one who has to see that all of her debts are paid, buriel is taken care of, who she owes, notifying all creditors, etc. about her death. Making sure Social Security is notified. Each beneficiary is entitled to a full accounting of what the distribution of the estate is. The Executor is responsible for meeting all the requirements of the probate court and providing full documentation and valuation to the court.
What is income tax paid for?
estate Social Security tax A+
What is an executor or trix in a will?
Executrix is an archaic form of the word executor that indicated a female estate representative. Modern cultures recognize there is no need to identify the gender of the estate representative. It serves no purpose. Therefore, executor is the correct term for either a male of female estate representative since it is their task that defines them and not their gender. The executor is the person or other entity such as a bank who is appointed by the probate court to settle an estate as provided in the decedent's will. The executor has sole power and responsibility over the estate but they are subject to state laws and the probate court.The duties of the Executor are too broad to write them all in this forum and they vary from state to state. Briefly, the general duties are the following:Safeguard the assets, changing locks if necessary until the will is presented for probateSelect the attorney who will handle the estateSubmit the will for allowance and petition for appointment as executorPublish notice and notifies heirs at law and beneficiaries(Once appointed) Open an estate account if necessaryAssemble, Inventory and take custody of assetsNotify Social Security and insurance companies of the deathPay the debts of the estate according to statutory priorityAdminister the estate according to the provisions of the will and state lawFile the estate tax returnDistribute the estateFile the final account
What has the author Jonathan Peterson written?
Jonathan Peterson has written: 'Social security for dummies' -- subject(s): Large type books, Social security 'Social security for dummies' -- subject(s): Social security
How do you open estate account after death?
The executor or administrator must be appointed by the probate court. He/she will be issued Letters Testamentary or Letters of Administration then applies to the IRS using Form SS-4 to get a tax identification number for the estate. (The decedent's social security number cannot be used.) Then he/she goes to the bank and gives it one of the probate court documents that show that he/she is the executor, the tax I.D. number and a death certificate and the bank will create an estate account.
What tax is paid for retirement income?
estate Social Security tax A+
What is the meaning of an executor and responsibility?
An executor is the e person who is responsible for settling the details of a deceased person's estate. There can be a single executor or one or more people charged with this job. An executor can be related to the deceased person, can be a friend or a lawyer, accountant, or other professional. The main requirement is that the person chosen as executor be at least 18 years old and have not been convicted of a felony. If you have been named the executor of someone's estate, you have been given a job of great responsibility. Some of these responsibilities include: paying creditors and taxes on the estate, notifying social security and other agencies of the deceased death, canceling credit cards among other things, and distributing the assets left in the estate.The executor of an estate has tremendous responsibility from small tasks to large ones. the executor of the deceased's estate must make sure all of the deceased's taxes and debts are paid, and then distribute what is left to the appropriate beneficiaries. The executor has a "fiduciary duty" to act in a manner of good faith and impartiality in making sure the wishes of the deceased are carried out to whatever extent possible
Are wages paid to a social security recipient subject to FICA withholding?
are employees that are currently receiving social security and medicare benefits subject to fica withholding
What has the author F Pennings written?
F. Pennings has written: 'Arbeidsrecht' -- subject(s): Labor laws and legislation 'Europees sociale-zekerheidsrecht' -- subject(s): Social security, Law and legislation 'Grondslagen van het Europese socialezekerheidsrecht' -- subject(s): Social security, Law and legislation 'Introduction to European social security law' -- subject(s): Social security, Law and legislation 'De werkloosheidswet' -- subject(s): Unemployment insurance, Unemployed, Law and legislation, Legal status, laws 'Dutch social security law in an international context' -- subject(s): Social security, Law and legislation
