answersLogoWhite

0


Best Answer

No. Social Security (FICA) is paid on earned income.

User Avatar

Wiki User

12y ago
This answer is:
User Avatar

Add your answer:

Earn +20 pts
Q: Do you have to pay social security on personal injury settlement?
Write your answer...
Submit
Still have questions?
magnify glass
imp
Related questions

Do you pay Social Security taxes on a settlement check?

No. FICA taxes (Social Security, Medicare, etc) are only paid on earned income.


Does it make sense to accept a 50000 offer from worker comp and then apply for social security?

Yes. The workers comp settlement is compensation for past injury and loss of earning capacity, and is a finite amount. Social Security disability is for inability to work in the present and future and may be a permanent monthly stipend.


How do you buy a Social Security number?

You don't buy a social security number. You go to your local social security office and apply to receive your own personal social security number.Buying a social security number is against the law.


Can a person on Social Security and Medicaid hold in trust a settlement from an automobile accident?

yes


Will the court take a social security settlement after charter 7?

When Social Security receives notice of the bankruptcy action, we stop all actions to:Approve or disapprove a fee agreement


If you receive a one-time settlement from workmen's comp will it affect your social security payment?

yes


In Texas what is the workers comp settlement for a lower back fusion?

This will depend on how much income you lost. You may be eligable for SSD, depending on whether or not you are disabled. Consult an attorney who specializes in Social Security issues. It will not cost you anything unless you get a settlement from Social Security.


Does someone on Social Security Disability have to pay taxes on an auto insurance settlement?

The auto insurance settlement wouldn't be taxable unless you realize a gain from it. Being on Social Security Disability doesn't exempt you from paying any taxes that may be due as a result.


Can you draw Social Security and take a settlement?

If you are referring to making Social Security pay out your total account, then no it is not possible. If you are referring to a settlement from a lawsuit or a lottery winning, then yes you can still draw Social Security. However, you must be past 70 1/2 to not have it affect your current amount from Social Security. Under that age, you will be required to return one dollar of Social Security for every two dollars that the settlement paid out. In addition, you are still required to pay Federal and State taxes on the settlement amount that you receive. If this is a very large amount, consult your accountant and a lawyer to determine what your best course of action is. It might be that an annuity until you reach the "magic age" would be the best course.


Should social security be changed to include personal retirement accounts?

No


What is full form of PASS in insurance?

Personal accident and social security


Am l entitled to spousal retirement benefits after a divorce?

Private pensions must be addressed in the divorce settlement. You may be entitled to collect under your ex-spouse's social security if you meet those requirements.Private pensions must be addressed in the divorce settlement. You may be entitled to collect under your ex-spouse's social security if you meet those requirements.Private pensions must be addressed in the divorce settlement. You may be entitled to collect under your ex-spouse's social security if you meet those requirements.Private pensions must be addressed in the divorce settlement. You may be entitled to collect under your ex-spouse's social security if you meet those requirements.