Because you are required to when you have other gross worldwide income and form 50% to 85% of your SSB can become taxable income on your 1040 federal income tax return at your marginal tax rate.
Your age does not affect the requirement to pay SS taxes. Yes, as you gain additional work credit, your benefits may increase.
No, Louisiana 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.
Some Social Security Disability beneficiaries have to pay federal income taxes on their Social Security Disability benefits, while others do not.
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.
Younger workers pay for social security benefits to retired workers through payroll taxes. A portion of their wages is deducted and paid into the Social Security trust fund. These funds are then used to pay benefits to current retirees. When the younger workers themselves retire, the next generation of workers will contribute to their benefits.
No. You only pay FICA taxes on earned income (wages, salary); paying on Social Security benefits would amount to paying the same tax twice.
Thats where the money comes from to pay you social security.
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.
The Internal Revenue Service (IRS) is tasked with the responsibility for collecting most federal taxes, including the Social Security taxes. Social Security taxes are deposited into the United States Treasury and credit is given to the appropriate Social Security Trust Fund. The Social Security Administration (SSA) administers the Social Security programs and distributes the benefits to eligible recipients.
yes, you will not pay any taxes.
the social security taxes you pay provide benefits for workers who have already retired. ======= There might not be enough younger workers if populations are declining or the younger workers may not earn enough to support themselves and pay the promised benefits to the older workers as the economy declines.