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Does Florida tax social security?
In most places, the taxation is based on your total income, not just the portion from social security.
Are social security benefits subject to social security taxes?
Fourteen of the 50 states tax Social Security benefits (through 2010):Same rate as Federal GovernmentMinnesotaNebraskaNorth DakotaRhode IslandVermontWest VirginiaTax Social Security based on Total IncomeConnecticutIowa (Phasing out tax levy from 2008-2014)Kansas (Only taxed if AGI is more than $75,000)Missouri (Will complete phase-out in 2010)MontanaAdds Federally Untaxed Social Security Income back to AGI*ColoradoNew MexicoUtah*These states apply broad age-determined income exclusions.
What is the allowable earnings with social security?
The 2010 cap is $106,800.00, which would result in 6621.60 (6.2%) being withheld. There is no cap on the Medicare insurance contribution amount, so the 1.45% amount will continue to be withheld on all earnings, and will be matched by your employer at 1.45% for a total 3.90% for the year.
When you receive Social Security only do you have to pay any taxes?
You only have to pay tax on your Social Security income if your total taxable income is $25,000 or more for a single taxpayer, or $32,000 or more for a couple filing jointly. If your total income is below that amount, then you do not have to pay tax on your Social Security benefits.
Is social security a regressive or proportional tax?
Social Security Taxes are a Proportional Tax. A Percentage of a person's income is paid to Social Security, this is half of the total amount paid to them, the Other half of a person's Social Security Tax is paid by the Employer.
Are medicare and social security taxes included in total taxes paid?
Yes
How many total pages make up the social security act itself?
68
What is the most you can collect from social security per month?
This depends on the total of your lifetime earnings,
What is the total percentage of income that will be withheld from any employee's paycheck for Social Security and Medicare taxes?
For 2012, the Social Security (FICA) deduction is 6.2%; the Medicare deduction is 1.45%, for a total of 7.65%. The employer pays the same percentages.
How much income outside of social security is taxable?
All income is taxable unless specifically excluded by law. Even a portion of your Social Security benefits may be taxable if you have sufficient total income.
What is the largest expenditure for the US government?
In the 2013 US federal budget 803 billion dollars were spent on social security. This makes social security sector the one receiving maximum expenditure which is 23 percent of total federal spending.
Filing taxes and receiving social security retirement?
AnswerHi,Whether or not you are over 65 you have to file a tax return if your income exceeds the total of your standard deduction and your personal exemption. Assuming you are single and over 65 for 2007 your standard deduction is $6,650 and your personal exemption is $3,400 or a total of $10,500. If your income other than social security exceeds that amount, you are required to file a tax return.Up to 85% of social security benefits can be taxable depending upon the amount of your other income. If you are single and the total of half of your social security plus all your other income exceeds $25,000, some of your social security is taxable.Let me know if you have any questions.Regards,Carole http://en.allexperts.com/q/Tax-Law-Questions-932/Social-Security-Filing-Taxes.htm
