0
Can a judgment be assessed on an individual with no income other than social security and only asset is his home?
Yes. A judgment can be entered against a defendant but whether or not it can be enforced is another matter. Defendants of civil suits are allowed to protect a certain amount of personal (clothing, household goods, investments, etc.) and real property (houses, land, etc.). Social Security benefits of all types are exempt from creditor action. The judgment creditor can in most instances place a lien against any real property held by the judgment debtor. The laws of the debtor's state and the way the property is titled determines what if any action a judgment creditor can take against a home.
What else can I help you with?
Can judgment be put on anyone if they only have state income unemployment or social security income?
Your method of income does not change the fact you are required to have a judgement.
Can you put social security income into an IRA?
No, you cannot directly deposit Social Security income into an IRA. Social Security benefits are not considered earned income and cannot be contributed to an Individual Retirement Account (IRA).
Is a judgment against the person or property?
The judgment is against the person, not the property.
Can a credit card company get a judgment against you if your only income is soc Security Disability?
Umm I dont think so!!!
Is social security income exempt from garnishment for a judgment?
In general, Social Security income is protected from most types of garnishment, including for judgments. However, there are some exceptions, such as for specific types of debts like child support or federal taxes. It's important to understand the specific laws in your state to know the extent of protection for Social Security income.
If you are injured on your second job will workmans comp pay your lost income from your other job which is your main source of income?
Individual states make Workman's Insurance (comp) laws. In general any income lost from injury is taken into account when benefits are assessed.
Is a retired person's income subject to Social Security taxes?
According to IRS publication 54 (2007), pensions are "unearned income" and thus in the same category as capital gains, dividends and interest income. Withholding tax is not assessed on pensions, capital gains, dividends and interest.
Income paid by the government to people who need it to live?
Welfare, assistance to needy families, supplemental security income, etc. are all non reportable income on the individual taxpayers income tax return.
Understanding Your Taxable Social Security Benefits?
These days, there are many elderly people who depend on social security as a main source of income. For some people, social security benefits are their only form of income. If this is your case, then you will not be required to pay taxes on your social security benefits. Social security benefits that are the only source of income for an individual do not need to be taxed. However, if your modified adjusted gross income exceeds the limit set forth by the IRS, then your social security benefits will be taxed. For a single person, the income amount is set at $25,000.
If you do not owe any taxes do you have to file on time?
As an individual taxpayer filing one of the federal 1040 income tax returns when you do NOT have any federal income tax liability you generally will NOT be assessed any of the penalties for failing to file your income tax return by the DUE date.
Does a 401k early withdrawal have to be counted as earned income?
Yes it is income, plus you will be assessed a penalty.
Does an individual pay FICA taxes on Social Security income?
No. You only pay FICA taxes on earned income (wages, salary); paying on Social Security benefits would amount to paying the same tax twice.
