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Do you have to pay social security tax on farmland you sold or is it just income tax?
Wiki User
∙ 9y ago
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.
Wiki User
∙ 9y ago
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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.
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.
What is your tax rate if you earn 67000.00 a year?
There is no way to answer with just that information. It depends on your marital status, number of exemptions, amount of deductions, what state you live in, etc. If you want to try to estimate your federal income tax, try this calculator: http://www.dinkytown.net/java/Tax1040.html But don't forget to add other taxes such as state taxes and Social Security taxes.
Self Employment Tax?
Self employment tax is the payment of Social Security and Medicare taxes for those having more than $400.00 of self employment income per year. The self employment tax is in addition to any income tax the self employed individual may owe. Just as employees must have a percentage of their gross income withheld to pay their Social Security and Medicare taxes, a self employed taxpayer must pay Social Security and Medicare taxes also. For the calendar year 2011, the Social Security tax is 10.4%, plus 2.9% for Medicare taxes. Since there is no employer to pay _ of the tax, the self employed individual must pay the entire amount. Any self employment income above $106,800 is not subject to self employment tax. The tax is calculated and reported on Schedule SE. However, the individual must first complete Schedule C Profit or Loss from Business, or other appropriate schedule to report self employment income. The gross amount of self employment income is not taxed, as the taxpayer may have deductions that reduce gross self employment income. These deductions may be vehicle expenses, utilities, meals and entertainment, depreciation of equipment, professional fees and licenses, etc. If the business has a net loss, no self employment tax will be owed. Interest, dividends, rents and royalties are not subject to the self employment tax. Capital gains are not subject to the tax either. Self employment tax must be paid even if the individual is receiving Social Security retirement benefits. Once the net profit or loss is calculated, profit is reported on Schedule SE. Only 92.35% is used to calculate the self employment tax. After that is deducted, 13.3% of that amount is what is owed for the self employment tax. The IRS provides a deduction equal to _ of the self employment tax owed. This deduction may be used whether or not the taxpayer itemizes deductions or uses the standard deduction. The tax is paid with income taxes owed. Self employment tax must be paid even if the individual is receiving Social Security retirement benefits. If the taxpayer expects to owe more than $1,000 for taxes, including the self employment tax, they must estimate their tax obligation and make payments to the IRS four times per year. Many self employed individuals are required to make estimated tax payments. The estimate should be based on income tax and self employment tax together.
Does Florida tax social security?
In most places, the taxation is based on your total income, not just the portion from social security.
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.
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?
The amount of income tax you pay on Social Security and retirement income depends on your total income and filing status. Generally, if your combined income exceeds a certain threshold, a portion of your Social Security benefits may be subject to income tax. It is advisable to consult with a tax professional or refer to IRS guidelines for specific information regarding your situation.
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 primary source of revenue for social security?
I believe, its just a social security tax.
Can you opt out of social security benefits if you are already receiving them?
Getting social security isn't automatic and you have to file for them with the social security administration. So, just don't file.
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.)
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.
