Thank you for the simple explanation. I was on hold with a wait time of 1:35 minutes with the Social Security call center when I searched and found your video..
Classic example of how backwards and antiquated aspects of the Federal Gov't are. Why you can't opt for this during electronic (online) signup of SS is beyond me. Having to print out a form and either mail it or bring it into an SS office? Stupid and wasteful in more ways than one. Any private company would have automated this option years (or decades) ago. I appreciate the fact that their systems are antiquated because of our (populace) loathing of gov't spending and how we feel it's ill-used the majority of the time, but SS and IRS are two areas where our computer systems should be top-notch and not mainframe systems from the 1980's (or earlier).
Thank you. Trying to figure out this federal tax question you answered in part. Will be watching more of your videos so I can make sound money decisions for my family.
as a retired couple you shouldn't have to pay any income tax at all. they can't expect you to make ends meet on SS . you should be able to work and not have to pay SS any penalty. again to make ends meet.
Thanks, this video was the only place that I found an explanation that the Social Security withholding percentage was applied on the net amount of the Social Security payment, after the Medicare premium was deducted. I looked for that info in the SS & IRS websites and didn't find it.
I am receiving social security pension and I worked part time in my W-2 I have social security tax withheld of 186.71 will IRS refund it when I file my income tax.
Depends what your total tax obligation was for the year vs how much was withheld. If you withheld more in tax than your total tax obligation, yes, you will get a refund. Or vice versa; if you didn't withhold enough to cover the year's total tax obligation, you will owe some when you file your return
Saddest part of this is checking my calendar to find it's 2022 and I have to put ink on an IRS form and either use snail mail or hand deliver the form to my local SS office. Wonder if we can take the form in to any brick/mortar SS office or if there is only one "local" office determined probably by ZIP. Nice video. Thanks.
seeing that many electric vehicles have federal tax credits currently of up to $7500, could one withhold these taxes to be better positioned to owe taxes come april, ensuring most use of this tax credit? thanks
There isn’t an easy answer to this. But ultimately, that tax credit doesn’t count as being paid to your throughout the year. So it’s possible you’d still end up with an underpayment penalty if, for example, your total tax was $7,500 and you get a $7,500 EV vehicle credit at tax return time. While the $7,500 credit would reduce the $7,500 tax obligation dollar for dollar, you still may have an underpayment penalty for not paying enough tax throughout the year.
In addition to having to pay income tax on your wages, you also have to pay "payroll" taxes, such as helping fund the Social Security system. Those taxes you pay to fund the Social Security system are withheld directly out of your paycheck by your employer, and you don't control how much they withhold (it's 6.2% of your wages, up to an annual limit). In other words, it's not good or bad that over $6k of Social Security taxes were withheld from your paychecks; it is what it is and you can't avoid it.
Depends on the type of benefit you’re receiving. Check out the instructions to W-4V, and then here is a list of the letters that go at the end of the SSN: www.hud.gov/sites/documents/DOC_10855.PDF
@@RetirementPlanningEducation , why in the world this information is not on W-4V is beyond me, but thank you for providing that! I swear that they make this as hard as possible in order to trick a vulnerable class of people- retired seniors- into having to pay penalties for unpaid quarterly income taxes. I truly hope that federal income taxation of social security benefits gets repealed. Seems UnAmerican given that we paid into the system and paid income taxes on our contributions already.
Could you do a video on taxes for foreigners who get paid and taxed in US for "Royalties - Copyright". I create music and use CD Baby as my label and I pay 10% tax. I'm just starting, so I make less than 800$ a year and that is without deducting business expenses (the prices for singles, albums and other stuff that I spend a lot on). Do I need to fill tax return forms of any kind by the end of each year? I live and work in Europe, I pay all other taxes in my native country as well but not for the royalties I'm getting for my music.
Interesting scenario, thanks for the idea recommendation. However, I don't know much about cross-border tax matters, tax treaties, reciprocal tax agreements, etc. In other words, I don't know what forms you are or aren't supposed to file, or what your ultimate tax obligation is. Sorry!
I read about a man in his 50s that started investing in stocks then retired in 2years with over $6million, that right there is my utmost goal and I'd really appreciate clues and tips on how to reach this goal within 5years
1. Limit your spending/cut off retail therapy 2.Put the extra cash towards investing in high yielding or steady investment. 3. Get a financial coach/mentor to guide through your investing goal. These might look simple but they require good amount of willpower, but through mentorship, I've been able to consistently grow my portfolio to $800K and I'm looking forward to retiring at 50 as well and I only wish I started up early. Goodluck…
My advisor is *"TERESA JENSEN WHITE".* In terms of portfolio diversity, she's a genius. You can glance her name up on the internet and verify her yourself. she has years of financial market experience.
@@terrallcoscarelli7002 I really hoped you will reply. Thanks for sharing, just looked up the broker you mentioned on google and I'm super impressed with her credentials.... I left her a message.
Heard many good recommendations about TERESA JENSEN WHITE, and her profitable strategies by some brokers in a seminar and other platforms, I think she's the real deal for people to talk good about her, I will give her a trial and see how it goes then.,...
But at least they teach other super useful stuff like who ruled China in 200 BC, how to calculate the cosign of an angle and what the atomic number is for beryllium! 😂
Thank you for the simple explanation. I was on hold with a wait time of 1:35 minutes with the Social Security call center when I searched and found your video..
Understanding tax withholding from Social Security is key for my retirement plan. Clear explanations make it less daunting
Thank you for confirming that the % withheld is on net social security. Simple and straightforward!
Very well stated and easy to understand! Thank you!
Classic example of how backwards and antiquated aspects of the Federal Gov't are. Why you can't opt for this during electronic (online) signup of SS is beyond me. Having to print out a form and either mail it or bring it into an SS office? Stupid and wasteful in more ways than one. Any private company would have automated this option years (or decades) ago. I appreciate the fact that their systems are antiquated because of our (populace) loathing of gov't spending and how we feel it's ill-used the majority of the time, but SS and IRS are two areas where our computer systems should be top-notch and not mainframe systems from the 1980's (or earlier).
Thank you. Trying to figure out this federal tax question you answered in part. Will be watching more of your videos so I can make sound money decisions for my family.
Excellent content, practical and valuable thanks, Andy.
Another great video! Very useful info and very easy to understand. Thanks!
Please provide the link to the video on what withholding percentage to use. It's the only thing left on the form and most important. Thank you.
This is odd you can't just go online and to have tax taken out or change which option you want for more or less.....
Thank you for the video. Very informative.
Excellent video very well explained.
Thank you!
as a retired couple you shouldn't have to pay any income tax at all. they can't expect you to make ends meet on SS . you should be able to work and not have to pay SS any penalty. again to make ends meet.
Thanks, this video was the only place that I found an explanation that the Social Security withholding percentage was applied on the net amount of the Social Security payment, after the Medicare premium was deducted. I looked for that info in the SS & IRS websites and didn't find it.
Great stuff!
Thank you!!
If you have other sources of income and have nothing withheld is there a penalty at tax time other than all the taxes du
It depends how much you underpay. Check out the link in the notes for the other video about estimated payments and withholdings.
I am receiving social security pension and I worked part time in my W-2 I have social security tax withheld of 186.71 will IRS refund it when I file my income tax.
Depends what your total tax obligation was for the year vs how much was withheld. If you withheld more in tax than your total tax obligation, yes, you will get a refund. Or vice versa; if you didn't withhold enough to cover the year's total tax obligation, you will owe some when you file your return
Saddest part of this is checking my calendar to find it's 2022 and I have to put ink on an IRS form and either use snail mail or hand deliver the form to my local SS office. Wonder if we can take the form in to any brick/mortar SS office or if there is only one "local" office determined probably by ZIP. Nice video. Thanks.
seeing that many electric vehicles have federal tax credits currently of up to $7500, could one withhold these taxes to be better positioned to owe taxes come april, ensuring most use of this tax credit? thanks
There isn’t an easy answer to this. But ultimately, that tax credit doesn’t count as being paid to your throughout the year. So it’s possible you’d still end up with an underpayment penalty if, for example, your total tax was $7,500 and you get a $7,500 EV vehicle credit at tax return time. While the $7,500 credit would reduce the $7,500 tax obligation dollar for dollar, you still may have an underpayment penalty for not paying enough tax throughout the year.
Just wondering I just got my w-2 in the mail and it said I have over 6k in social security tax withheld is that bad?
In addition to having to pay income tax on your wages, you also have to pay "payroll" taxes, such as helping fund the Social Security system. Those taxes you pay to fund the Social Security system are withheld directly out of your paycheck by your employer, and you don't control how much they withhold (it's 6.2% of your wages, up to an annual limit). In other words, it's not good or bad that over $6k of Social Security taxes were withheld from your paychecks; it is what it is and you can't avoid it.
Which of your videos that you talked about deals with social with holding and having capital gains and dividends?
Is there anyway to do this online?
Unfortunately no
@@RetirementPlanningEducation Thanks
What about form W-4v line 4??
Depends on the type of benefit you’re receiving. Check out the instructions to W-4V, and then here is a list of the letters that go at the end of the SSN:
www.hud.gov/sites/documents/DOC_10855.PDF
@@RetirementPlanningEducation , why in the world this information is not on W-4V is beyond me, but thank you for providing that! I swear that they make this as hard as possible in order to trick a vulnerable class of people- retired seniors- into having to pay penalties for unpaid quarterly income taxes. I truly hope that federal income taxation of social security benefits gets repealed. Seems UnAmerican given that we paid into the system and paid income taxes on our contributions already.
Could you do a video on taxes for foreigners who get paid and taxed in US for "Royalties - Copyright". I create music and use CD Baby as my label and I pay 10% tax. I'm just starting, so I make less than 800$ a year and that is without deducting business expenses (the prices for singles, albums and other stuff that I spend a lot on). Do I need to fill tax return forms of any kind by the end of each year? I live and work in Europe, I pay all other taxes in my native country as well but not for the royalties I'm getting for my music.
Interesting scenario, thanks for the idea recommendation. However, I don't know much about cross-border tax matters, tax treaties, reciprocal tax agreements, etc. In other words, I don't know what forms you are or aren't supposed to file, or what your ultimate tax obligation is. Sorry!
Which video has to do with having capital gains and dividends?
Why the hell do they tax soc security retirement benefits anyway?
To make the rich get less SS money. The money goes back to SS.
But no one wants to explain this.
I can't even believe you have to pay federal income tax for social security payments. Ridiculous.
Thank Ronnie Reagan
@@greyredstar8759bipartisan
Just walk into your local office, lol!!
I read about a man in his 50s that started investing in stocks then retired in 2years with over $6million, that right there is my utmost goal and I'd really appreciate clues and tips on how to reach this goal within 5years
1. Limit your spending/cut off retail therapy
2.Put the extra cash towards investing in high yielding or steady investment.
3. Get a financial coach/mentor to guide through your investing goal.
These might look simple but they require good amount of willpower, but through mentorship, I've been able to consistently grow my portfolio to $800K and I'm looking forward to retiring at 50 as well and I only wish I started up early. Goodluck…
That's awesome … if it is not asking too much, do you mind hooking me up with your coach
My advisor is *"TERESA JENSEN WHITE".* In terms of portfolio diversity, she's a genius. You can glance her name up on the internet and verify her yourself. she has years of financial market experience.
@@terrallcoscarelli7002 I really hoped you will reply. Thanks for sharing, just looked up the broker you mentioned on google and I'm super impressed with her credentials.... I left her a message.
Heard many good recommendations about TERESA JENSEN WHITE, and her profitable strategies by some brokers in a seminar and other platforms, I think she's the real deal for people to talk good about her, I will give her a trial and see how it goes then.,...
Taxes On 🇺🇲 Social Security
if only school taught this. what bs
But at least they teach other super useful stuff like who ruled China in 200 BC, how to calculate the cosign of an angle and what the atomic number is for beryllium! 😂