0
Do you have to pay social security tax on farmland you sold or is it just income tax?
Social Security tax or self-employment tax is not payable on capital gains. You may also get a reduced rate based on how long you owned the property. I strongly suggest that you go to a professional tax preparer to complete a return with a property sale. You will report this using form 1040 and Schedule D for the property sale if it was not used in a business. If it was used in farming or other business use this will change the forms you are required to file.
What else can I help you with?
Can you file your taxes together if you are married but do not have the same last name?
Sure you can just be sure and enter your name correctly as it listed on your social security card and your social security number correctly from your social security card. And it does not make any difference who is listed first as the primary taxpayer on the 1040 federal income tax return.
How do you access the income tax rate for 2010 2011?
Accessing the income tax rate for 2010-2011 is simple. Just call or go by your local IRS or Social Security office. They usually have copies of the tax forms there.
When do they send out ssi w2?
The Social Security Administration typically sends out Form SSA-1099, which reports Social Security benefits received, in January for the previous tax year. This form is used for tax reporting purposes and is not a W-2 form. Supplemental Security Income (SSI) recipients do not receive W-2 forms from the SSA because SSI is not considered earned income. SSI benefits are not taxable, so recipients do not need to report them on their tax return.
What is the fica taxes for 2010?
Still 6.2% for both employer & employee. Actually, that 6.2% is just for the social security tax portion of FICA. FICA consists of social security and medicare. The total FICA tax is 7.65%, which includes the 1.45% medicare tax. There is currently a limit on the social security tax portion (6.2% of $106,800--which is $6,621.60), while there is no medicare limitation.
Can you get back money for an ssa 1099?
If you receive an SSA-1099 form, it indicates the amount of Social Security benefits you received during the tax year, which is considered taxable income. You cannot "get back" money just for having an SSA-1099; however, if you overpaid your taxes due to reporting that income, you may be eligible for a refund when you file your tax return. It's important to accurately report your income and consult a tax professional if you have specific questions about your situation.
Does Florida tax social security?
In most places, the taxation is based on your total income, not just the portion from social security.
DoI need your dependents ss card to file your taxes or just the ss number?
When I file my income tax will I need my dependant's actual social security card or can I just give the filer the numbers When I file my income tax will I need my dependant's actual social security card or can I just give the filer the numbers
At age 67 do you still pay income tax on social security and retirement?
Yes you do. Your retirement plan will send you a form with your yearly income and you have to file just like you do for wages earned. Your social security is also taxed and you need to report that. With your social security you also pay a deductible for your Medicare coverage as well you will need coverage for eye, teeth, and drugs since these aren't covered. As a retired teacher I don't get social security because Reagan outlawed teachers from getting it even if we have 40 quarters into the system, but we still pay the Medicare deductibles.
If your only income is Social Security do you need to file tax returns?
Perhaps. It depends on whether you have enough non-Social Security income to be required to file an income tax return. Also, for 2007 and, possibly, 2008, you may qualify for an economic stimulus rebate, but only if you file a return. You can find a form on the internet or at the library. Just because IRS didn't send you a form, doesn't mean you are exempt from filing.
Income that can not be garnished by IRS?
Disability (including Social Security Disability) generally cannot be garnished. Just about everything else is fair game.
Can you file your taxes together if you are married but do not have the same last name?
Sure you can just be sure and enter your name correctly as it listed on your social security card and your social security number correctly from your social security card. And it does not make any difference who is listed first as the primary taxpayer on the 1040 federal income tax return.
FICA tax is the same as federal income tax?
NO - however it is paid to the IRS. Federal Income Tax is just what it sounds like and pays for federally funded programs. FICA is Social Security Income and goes to pay into the fund for Social Security Programs.
What is the difference between supplemental security income and social insurance number?
The difference between supplemental security income (SSI) and social insurance number (SIN) is that SSI is a government supplied income to individuals and SIN is just a numerical identifier that unique to each person.
How do you access the income tax rate for 2010 2011?
Accessing the income tax rate for 2010-2011 is simple. Just call or go by your local IRS or Social Security office. They usually have copies of the tax forms there.
What is the primary source of revenue for social security?
I believe, its just a social security tax.
Is social security optional?
Not really. Some religious groups have been allowed to opt out of the program, but short of that it's pretty much mandatory. (The groups that have been allowed to opt out have a long-established tradition of providing for their own elderly, so that social security was for them effectively something they'd already been doing on their own for decades. You can't just say "it's against my religion" and get out of it.)
Can a person on social security disability have capital gains income?
Of course..it's admirable as well as a number of disabilities can be worked through via smart management of money...just make sure if your gains pass your income limits that you report it to the Social Security Administration or you could face fines/charges (after the appropriate chance to state a case etc/respond)
