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What else can I help you with?
Are military pensions taxable?
Yes, you pay state and federal taxes on the pension.
Do you pay FICA on a New York state pension?
No, you do not pay FICA (Federal Insurance Contributions Act) taxes on New York state pension benefits. FICA taxes are typically applied to wages and salaries, not to pension income. However, pension income may be subject to federal income tax and, in some cases, state income tax depending on individual circumstances. Always consult a tax professional for personalized advice.
Maine retirement pension if you move from Maine will you still need to pay Maine State Income Tax?
Yes, but no.You will need to file with the state where you reside more than 180 days each year.'Filing taxes' and paying taxes are entirely different things.You file with your state of residence, generally pensioners do not pay though.I am retired on Federal pension, and I live in Maine. My pension is 'taxable'. However I file 'Married-joint' and we have the appropriate standard deductions and exemptions, which add up to more than my pension. So while my pension is 'taxable', and I do file income taxes, I do not pay income taxes. No taxes come out of my pay checks, nothing is with-held and we pay nothing at the end of the year. My pension is not high enough, to get above the standard deductions and exemptions.
Do California residents pay state taxes on retirement pension under Railroad Retirement Act?
Do California residents pay state income taxes on their Rairoad Retirement pension under the Railroad Retirement Act?
Will you pay taxes on your pension?
Yes could have to pay some income taxes on your pension income.
Do you have to pay state taxes on your pension check?
Generally absolutely yes...the State is same as Fed.
Do people in Alaska pay taxes?
People in Alaska pay state and federal taxes.
Do you pay state and federal taxs on MD lottery?
do I have to pay State and Federal taxes on Md. lottery winnings
Why do people pay federal taxes?
People must pay federal taxes in order to provide funding for Congress, the Supreme Court, and the Presedent and other executives. The need the money in order to pay workers or carry out federal laws. Also, we have to pay state taxes to pay our governer and other local legislatures. So we have to pay both federal and state taxes and if you don't, your in trouble. (:
Does TurboTax do all federal state AND local taxes?
Yes, TurboTax has the capabilities of doing both federal and state income taxes. If you choose the free version for the federal taxes you will have to pay a fee to complete the state taxes.
Do former US Presidents who receive social security pay federal taxes?
Yes they do. They also receive a pension from their service as President equal to the pay of cabinet members, and that pension is also taxed.
Why were taxes created in America?
Taxes were created to fund the military and create jobs within the government. Revenue from state sales taxes pay for jobs within the state, property taxes pay for public education, and federal taxes pay for the military and those employed by the federal government.
