Yes, unfortunately this is the case. It's a pro-rated amount after your AGI exceeds a certain threshold. The generally increased per year so you can check the IRS web page or check the social security web page for the AGI limitation.
Charles, I think you answered a different question;
What I think the original question was, is: "Do you pay FICA taxes on earned income after retiring (retirement meaning: collecting a SS benefit)?".
I think the answer is simply: yes.Are there other ways that work can increase your benefits?Yes. Each year we review the records for all Social Security recipients who work. If your latest year of earnings turns out to be one of your highest years, we refigure your benefit and pay you any increase due.
Yes it is very possible that the retirement incentive amount will be subject to social security taxes in the year that the is received.
Yes, but only those with income outside of Social Security. If you have other income such as a pension, retirement plan distributions, wages, interest, dividends or capital gains, then you may have to pay taxes on a portion of your 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?
Illinois teachers do not pay into social security. They pay into Teachers Retirement System.
Yes, if you continue working and earning wages, you pay FICA taxes even if you are drawing Social Security retirement or disability benefits at the same time.
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
No you do not get FICA back on federal taxes. It's a pay now and collect later system, for when you collect social security at retirement.
Federal senators and congressmen pay Social Security taxes like anyone else.
The government taxes for most social security benefits. If you make no money, then you don't have to pay taxes for social security.
No, Colorado teachers pay into an "independent" retirement account and are exculded from social security.
Yes. Social Security is a "retirement" plan that you pay into, all of your working life (if you're working legally and paying the required taxes).
Social security: 6.2%
Answer: Yes, Railroad workers pay into social security as well as railroad retirement. I worked for the Burlington Northern Railroad and we paid 6. some % into social security and I think 8. something into Railroad Retirement.
Yes, they do.
Social security and medicare
No. FICA taxes (Social Security, Medicare, etc) are only paid on earned income.
Yes they do.. Why? Because they pay taxes and social security.
A. Social Security and Medicare E2020
Yes. Federal judges began paying into Social Security in 1984, and those employed by the government after January 1, 1984 are eligible to draw benefits at the established retirement age(s).
No they don't pay