I know that social security is income and recipients receive a 1099 for tax purposes. So that income is combined with your other income sources and is factored into your taxable income.
yes, you will not pay any taxes.
Yes, I have to pay federal taxes on my NC state retirement but not state income tax. Not all of my social security is taxable, depending on my adjusted income. The amount of social security that is subject to taxation is on a sliding scale. A more complete answer can be found at: http://www.fool.com/taxes/2002/taxes020315.htm
Railroad Retirement benefits are exempt from Indiana state income tax. They may be federally taxable, depending on your filing status and income. They follow the same rules as Social Security benefits.
On an individual level the importance of taxes aren't significant. Although it would be extremely unwise to not pay taxes the actual benefits to paying taxes are so that local, state and federal governments have a source of revenue to pay for roads, police, firemen, schools, social security, military, medicare and so forth.
Social Security Taxes, FICA, and medicare are payroll taxes.
No, Pennsylvania is not one of the fourteen states that taxes Social Security benefits.
Yes. At present, Missouri taxes Social Security benefits based on total income. This will phase out at the end of the 2010 tax year. There will be no state tax on benefits received in 2011.
Social Security benefits are exempt from Ohio state income taxes.
No. New York is not one of the fourteen states that taxes Social Security benefits (retirement or disability).
No, Louisiana is not one of the fourteen states that taxes Social Security benefits.
Social Security is a federal program. It is a federal "tax" not a state tax.
Apparently not. According to the article in the Related Link below, the teachers have an in state pension fund and therefore do not have Social Security taxes withheld from their salaries.
Presumably the question is about U.S. Social Security taxes. Social Security taxes (commonly referred to as FICA taxes) are taken out of your earnings each time you receive a paycheck. This rule applies even if the employee is already receiving Social Security benefits. However, by continuing to work, future Social Security benefits may be increased to take into account the additional earnings.
No, California is not one of the fourteen states that levy taxes against Social Security benefits.
Your age does not affect the requirement to pay SS taxes. Yes, as you gain additional work credit, your benefits may increase.
No. North Carolina is not one of the fourteen states that taxes Social Security benefits.
There is no age at which you stop paying taxes on Social Security benefits. However, the amount you pay in taxes on your benefits may vary depending on your total income and filing status.