YES. From 50% to 85% of your SSB amount that you are receiving can become taxable income on your 1040 federal income tax return.
As long as you are still breathing and earning any amount of qualified earned income you will still be paying the social security and medicare taxes on the earned income.
Go to the IRS gov website and use the search box for IRS Publication 915, Social Security and Equivalent Railroad Retirement Benefits.
Use the search box for 1040 and choose the 1040 instructions go to Page 28 of the 1040 instructions book page that has the Social Security Benefits Worksheet for Lines 20a and 20b of the 1040 tax form.
If you received income from other sources, your benefits will not be taxed unless your modified adjusted gross income is more than the base amount for your filing status.
For a single taxpayer the base amount (cap) is 25000.
Your taxable benefits and modified adjusted gross income are figured on a worksheet in the Form 1040A or Form 1040 Instruction booklet.
You can do the following quick computation to determine whether some of your benefits may be taxable:
Yes you do as long as you are still breathing and earning income from providing your services you will be subject to the social security and medicare tax amounts on all of your earned income until you meet the maximum social security contribution amount for the year 2010 which is 106800 from one employer and the social security amount withheld is 6621.60
Not if your income is below $25,000 per year for a single person, or below $32,000 per year for a couple filing jointly. Payment is based total taxable income, not age.
Yes - if your total income is greater than $25,000
If you file jointly, you have to pay tax if both you and your spouse have a combined income greater than $32,000
I think so. The government doesn't care how old you are as far as taxes go. Check with the social security office near you or look at the web site on line. There should be a FAQ page.
do you still pay for medicare when you turn 70
No
Yes.
Payroll taxes on people who are still working
Your age does not affect the requirement to pay SS taxes. Yes, as you gain additional work credit, your benefits may increase.
Yes. Age doesn't have anything to do with paying taxes. The fact you are working and have a W4 means you have to file and include what you earn from Social Security.
Sure you do still pay your share of the FICA (social security and medicare) (OASDI) taxes on your earned income as long as you are providing your services to earn the income and are still breathing.
Yes
Yes it would be the same if you were working at age 100 and earned income from providing your services. You would still be required to pay the social security and medicare taxes on the earned income.
Yes. Social Security is a "retirement" plan that you pay into, all of your working life (if you're working legally and paying the required taxes).
Social Security (FICA) taxes are withheld from your gross (before tax) salary.
Social Security is a federal program. It is a federal "tax" not a state tax.
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.
No. FICA taxes (Social Security, Medicare, etc) are only paid on earned income.