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The tax rate for retirees varies depending on their income and the specific tax laws of their country or state. Generally, retirees may be subject to income tax on their retirement income, such as pensions and withdrawals from retirement accounts. Some countries or states may have special tax provisions for retirees, such as lower tax rates or exemptions for certain types of retirement income. It is recommended to consult a tax professional or review the tax laws applicable to your situation for accurate information.

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5mo ago
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14y ago

The tax rate is not a function of retirement.

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Q: What is the tax rate once some has retired?
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What is the tax rate for retired people?

The tax rates are the same for everyone. Each different filing status has different tax brackets for your marginal tax rates on your taxable income.Your adjusted gross income less your deductions would leave you with your taxable income.You can find the marginal tax rate for each filing status by going to the related link, and use the search box for 1040ES go to page 6 for the 2009 Tax Rate Schedules


Do you pay tax on rented property when you are retired?

In general, rental income is subject to tax regardless of your age or retirement status. However, the tax treatment of rental income can vary depending on factors such as your overall income, the location of the property, and any tax deductions or exemptions that may apply. It is recommended to consult with a tax professional or accountant to understand the specific tax implications in your situation.


With draw money from 401k after age 60?

After age 59 1/2 the taxable amount of your distribution will be added to all of your other gross worldwide income and taxed at your marginal tax rate form the -0- % to the maximum 35% rate for the year 2010.


How do younger workers pay for social security benefits to retired workers?

Younger workers pay for social security benefits to retired workers through payroll taxes. A portion of their wages is deducted and paid into the Social Security trust fund. These funds are then used to pay benefits to current retirees. When the younger workers themselves retire, the next generation of workers will contribute to their benefits.


Do senior citizens need to file income tax?

Senior citizens, infants, children, and middle-aged people all need to file income tax if they meet certain requirements. There are no age limits. To determine if you are required to file a federal income tax form, see Tables 1, 2, and 3 on pages 2, 3, and 4 of Publication 501: http://www.irs.gov/pub/irs-pdf/p501.pdf State income tax requirements are different than federal. You should consult the instructions that come with your state tax forms or you might be able to find the information on your state tax department's web site. Even if you are retired, you might have some taxable income. Pension payments, 401k distributions, IRA distributions, interest from the bank, investment income, rent income are all taxable. If your income is above a certain level, Social Security payments are taxable. Even if you are not REQUIRED to file, if you had tax taken out of your salary, pension, Social Security, or other payments, you should file in order to get a refund.

Related questions

What is 170 dollars plus tax?

To find the answer, you need to know the tax rate. Once you know the tax rate, add 100% to it, and multiply it by $170. So: (100% + tax)*170


How much is 30.00 plus tax?

The amount of tax will depend on the tax rate in the given location. Once you know the tax rate, you can multiply it by 30.00 to determine the amount of tax and then add that to the original amount of 30.00 to get the total.


What are some causes of tax evasion?

-high tax rate -multiplicity of tax -administration inefficiency


How much is 188.00 plus tax i don't know?

The amount of tax will depend on the tax rate applicable in your location. You can calculate the tax amount by multiplying the tax rate by 188.00. Once you have the tax amount, you can add it to the original amount of 188.00 to find the total.


What is the tax rate for retired people?

The tax rates are the same for everyone. Each different filing status has different tax brackets for your marginal tax rates on your taxable income.Your adjusted gross income less your deductions would leave you with your taxable income.You can find the marginal tax rate for each filing status by going to the related link, and use the search box for 1040ES go to page 6 for the 2009 Tax Rate Schedules


What is the tax rate for the state of Iowa?

The sales tax rate in Iowa is 6%. Some areas of the state impose an additional 1% Local Option Sales Tax (LOST) bringing the total sales tax rate to 7%.


How do you find the tax rate if you have the pre tax and after tax profit?

After Tax Profit = Pretax Profit * (1 - Tax Rate) Solve for Tax Rate Tax Rate = 1 - (After Tax Profit/Pretax Profit)


Do you pay income tax once retired?

If you have income, you pay income tax. When I drew my first SSN check, I was quite surprised to find out Uncle Sam wanted his share of my share.


How much would the tax be on 63000.00 dollars?

Tax rates vary from location to location. Once you find out what the tax rate is, multiply 63000 times one plus the decimal equivalent of the rate. For example, if the tax is 7%, 63000 x 1.07 = 67410 making the tax 4410.


What is 69.99 plus tax-in-Texas?

To calculate the total amount including sales tax in Texas, you would need to know the specific tax rate applicable in that area. Once you have the tax rate, you can multiply it by the original amount and add it to the original amount. For example, if the tax rate is 8.25%, you would multiply $69.99 by 0.0825 to get the tax amount, add the tax to $69.99, and get the total amount.


What tax rate increases as the tax base increases?

The progressive tax rate is one where the tax rate increases as the taxable rate, or income, is increasing.


Which tax is collected to support retired or disabled workers?

social security tax