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Yes, I have to pay federal taxes on my NC state retirement but not state income tax. Not all of my social security is taxable, depending on my adjusted income. The amount of social security that is subject to taxation is on a sliding scale. A more complete answer can be found at: http://www.fool.com/taxes/2002/taxes020315.htm
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∙ 14y ago
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Do you have to pay income taxes on ss disability payments?
Depends on the type of disability payments you receive. I do not have to pay taxes on my military disability, it is tax free.
If a person does not work and only draw ss pay income tax?
If you have no other income except normal Social Security benefits, you will not have to pay any income taxes. This is also to note that you are not receiving any other retirement income, interest income, etc.
What is the income called that you take home after taxes are taken from your paycheck?
It's called your Net Pay... So that's what's left after taxes and everything else has been taken out of your gross pay. The Gross Pay is your full check IF nothing had been taken out of it. However, no one gets all of their Gross Pay on payday, because SS, taxes, and other deductions are withheld on your behalf.
May you use your SS benefits to pay off back taxes?
Sure you can use your SSB amounts that you receive to pay off any amounts that you owe to anyone when you have the funds available to you.
You got married and your w2 is in your maiden name does that matter for taxes?
SS# is the important thing
Do you pay taxes on SS Benefits at age 66 and working?
do i have to pay taxes on working income after age 66
Do you have to pay income taxes on ss disability payments?
Depends on the type of disability payments you receive. I do not have to pay taxes on my military disability, it is tax free.
If a person does not work and only draw ss pay income tax?
If you have no other income except normal Social Security benefits, you will not have to pay any income taxes. This is also to note that you are not receiving any other retirement income, interest income, etc.
Does fl tax SS?
Florida has no income tax at all, but they get their revenues through tourism, high sales taxes and property taxes. Just because a state does not tax income doesn't mean people don't pay, it's just in different ways.
How can I have taxes taken out of my Social Security Check that I receive?
No....considering first that your employer pays half of the required contribution, and the way it is calculated and the way that is all reported would have to tie in mathamatically. I gather you would like to report and pay on higher social security ages to have a higher SS benefit on retirement. Not at all sure that would be an advised way to get the financial benefit your after. SS contribution is 15.30 % of SS wages, which if your employed the employer must pay half, and if self employed you pay all. A string retirement contribution amount. If you reported additional self emplyment income, it would also be income tax income, and state tax, etc..so that really wouldn't work either.
Can ss benefits be reduced due to income in retirement?
Why are my SS benefits reduced because on my income
What is the income called that you take home after taxes are taken from your paycheck?
It's called your Net Pay... So that's what's left after taxes and everything else has been taken out of your gross pay. The Gross Pay is your full check IF nothing had been taken out of it. However, no one gets all of their Gross Pay on payday, because SS, taxes, and other deductions are withheld on your behalf.
does a person on SS gets $5000.00, yr recieves $8000.00 inheritance , pay income tax on that amount ?
Yes, you do need to pay income taxes on any income you get especially from inhertances.
May you use your SS benefits to pay off back taxes?
Sure you can use your SSB amounts that you receive to pay off any amounts that you owe to anyone when you have the funds available to you.
Are social security taxes taken out of a persons check when they reach age 65?
As long as a person works, they continue to pay "wage taxes", even if decide to start collecting SS while they are working.This is neither silly or unfair, since, as each year they continue to pay into the system, the higher their benefit goes up, so that they may see an increase in their SS beyond any cost of living increase.I am assuming by a person's "check", you meant a paycheck. If she just receives a SS check, no, the only taxes taken out is the Federal Income Tax, if she requests it.
Can retirement benefits be garnished?
It depends upon the laws of the state where the debtor resides and the type of retirement benefits. All SS benefits are exempt from creditor garnishment as are all public assistance benefits. The exceptions are, tax arrearages and child support obligations.
If both of us are receiving SS retirement and we get married will it stay the same?
No, it won't stay the same. Call SS or go online to their website.
