I am drawing Social Security now at age 69. I work a school crosswalk job. They hold out F.I.C.A. taxes. Should I be paying S/S taxes now?
For tax year 2007, FICA stops being taken out on wages at $92,500. Wages received over that amount are not taxed. Sharon http://taxresolutionaries.blogspot.com
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.
If identified as wages, taxed both Federal & State. The wages would have been taxed if paid without settlement wouldn't they? (The "lost" part isn't taxed).
The employee's portion of te combined FICA rate is 7.65% of FICA applicable wages. FICA wages may be different than any others (like taxable, or gross, or state, etc) wages...none of which may actally be the amount you received.
Wages and salary are taxed identically.
Yes-if you get a settlement from the EEOC it is taxable. If it is considered wages it is taxed at the rate your wages were taxed. If it is compensatory damages it is taxed at a lower rate but it cannot exceed 50% of the settlement.
Social Security also known as FICA is taxed at 6.2% of income. Medicare is taxed at 1.45%.
No, individuals over the age of 70 are generally exempt from paying Social Security or Medicare taxes (FICA taxes) on any earned income. There is no age limit for paying income taxes on investment income, though.
are employees that are currently receiving social security and medicare benefits subject to fica withholding
FICA is NOT calculated on Gross Wages. It is done on FICA taxable wages which includes and exludes different things than Gross. FICA contributions, including various sub (categories of things like SS, Disability, Health, etc) are 15.30% of FICA wages. What is considered FICA wages differ from other wage considerations in many ways, (it has a top limit of about 108K, how pension contributions factored, State taxes, premium pay, etc. may be included or not, differently than what is considered taxable income for example).If you are an employee, the employer MUST pay half of the contribution. If your self - employed, the amount normally paid by the employer is collected through something called the "self employment tax" when you file your income tax return.
FICA tax, actually an insurance premium...social secrity and medicare benefits are 15.30% of FICA taxable wages, (which are slightly different than normal taxable wages). A self employed person pays the entire amount....an employee pays half - 7.65% and the employer the other half
I am over 65, and on Medicare. I am also still working, and being paid wages. FICA- Med is still withheld from my paycheck. You should expect that as well.