How much of your Social Security will be taxed?
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- เผยแพร่เมื่อ 8 เม.ย. 2023
- Seven Social Security Tax Examples
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I've watched two of your videos and understand Social Security better than ALL of the other explanations I've heard on TH-cam. Thank you! I'm a subscriber!
How much would that be 0:46
@@NicoleTaylor-pj8wi My own financial advisor wasn’t able to explain what my options were for collecting my benefit and how it affected my personal situation. Other videos I’ve watched didn’t break down the types of income that impact my social security and my tax liability. I hope that helps you understand how helpful his TH-cam channel has been in helping me and I’m sure many other people who have worked hard to insure a secure financial future.
Am 58 retiring next year but the thought of retirement gives me weakness. My apologies to everyone who have retired and filing social security during this time after putting in all those years of work just to lose everything to a problem you never imagined to happen. It’s so difficult for people who are retired and have no savings or loved ones to fall back on.
True, It has never been easier to understand how to build your money after retirement than it is right now with the inflation, when you may study and experience a completely variegated market passively by employing a successful portfolio-advisor. The impacts of the U.S. dollar's gain or fall on investments, in my opinion, are complex.
Even if you’re not skilled, it is still possible to hire one. I was a project manager and my personal portfolio of approximately $850k of my retirement pension took a big hit in April due to the crash. I quickly got in touch with a financial-planner that devised a defensive strategy to protect my funds and make profit from my portfolio this red season. I’ve made over $250k since then.
This is exactly how i wish to get my finances coordinated ahead of retirement. Can I get access to your advisor?
Certainly, there are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with ‘’Colleen Rose Mccaffery” for about five years now, and her performance has been consistently impressive.She’s quite known in her field, look-her up.
Thanks a lot for this suggestion. I needed this myself, I looked her up, and I have sent her an email. I hope she gets back to me soon.
Amazing video, A friend of mine referred me to a financial adviser sometime ago and we got to talking about investment and money. I started investing with $150k and in the first 2 months, my portfolio was reading $274,800. Crazy right!, I decided to reinvest my profit and get more interesting. For over a year we have been working together making consistent profit just bought my second home 2 weeks ago and care for my family.
@Gabrielyoung- However, if you do not have access to a professional like JUDITH ANN PEACE, quitting your job to focus on trading may not be the best approach. It is important to consider all options and seek guidance from reliable sources before making any major decisions. Consulting with an AI or using automated trading systems can also be helpful in managing investments while balancing other commitments
@Gabrielyoung- Judith Ann peace is her name
Lookup with her name on the webpage.
@Gabrielyoung- You are welcome
I lucked out. Grew up poor and didn't take many retirement options, but got very lucky. Would have been paying taxes on only about $5k a year, the rest was tax free. I moved into a small apartment because it was too much work to keep such a large house clean. And put my house out as a rental. Had to fix a few things before I could rent it out. What I had not been aware of is that once my house became a rental, I was able to deduct most repairs, all property taxes, all insurance payments paid on that house from my taxes. I was paying almost everything I earned on rents to fix it up. Took all my paperwork to a tax accountant, and ended up having NO taxes at all. Also receive a deduction on my taxes for old age and another deduction for being disabled.
My living expenses decreased so much while living in that small apartment that, in a couple of years, I was able to purchase a second house to rent out. I hired a realtor to handle both houses, am fixing up the second house, and have no taxes to pay for this year either. Whatever I'm doing, my tax accountant says it's all legal. So my property values are rising, houses look great, the realty is doing most of the work, and I'm just relaxing.
I find the exception of the term "benefit." This is my money that I paid in starting at age 15!
The word "Benefit" is an insurance term. It is not a "welfare" term. Social Security is an insurance program for those that paid the "premiums/taxes".
This is genuinely the best explanation I've seen so far! Good on you, Lane.
Awesome content!!!! I much rather watch these videos than all of the other videos that do not benefit me at all.
Thanks Mr Martinsen. I truly appreciate you providing information that is help to US ALL. Im 53 years old and I was exploring the possibility to retire at 56 but this information is very helpful. I have two choices now...continue to work until 62 or retire at 56 and move to another country.
Two certainty in this world ,death and taxes
Wow. You should write that down...
Awe, was hoping you do CA
Hi Lane, great stuff, thanks. It would be helpful to confirm that provisional income is the same as combined income. Also, you show their tax due, it would be great to show their standard deduction and whatever other deductions they had times the applicable tax rate to get to that tax due. Again, thanks!
thank you for this video , this really helps me understand
Super helpful, wow, thank you!!
Very helpful and educational. Thank you.
Lane fantastic 😊 information!! Love all those different scenarios.
Thank so much sir.🎉
These examples are great and all but do you have the formula you followed to get these results and can you share it with us so we can figure out for our own personal situation?
In this other video I am more clear on how the formula works. th-cam.com/video/92i1q3itr5I/w-d-xo.html
@@FinancialFastLane Thanks much appreciated.
@@FinancialFastLane This spurred me to just check IRS Form 1040 and line 6 has a social security worksheet in the instructions which figures it out for you once filled out. Again thanks.
Very good information! Thank you
Thank you
A retired person should not pay taxes
Tax all the corporate entities and billionaires who pay nothing.
It's always on the backs of the little guy.
the way it works is they don't tax social security while you are working. it is put in pre tax so knowing that yes the should tax you because you did not pay taxes on it before it was taken out of your check that is how it works.
.
at lest that is my understanding of how it works i could be wrong.
@@supersaiyaman11589 Your employer also paid 50%. Roth and HSA are in for the win.
Spoken like a person who knows nothing about money. Learn something and quit whining. Not to mention, have you ever looked up the percentage of federal taxes the 1% actually pay yearly in this country? Prob not because you’re too busy complaining instead of becoming successful
Thanks for the great content. You are one of the sharpest dressers on TH-cam, by the way.
Great video!
Only government can screw it up this much. There are millions of social security recipients who would take on these lower paying jobs, except for the fact that they will pay extra taxes on their social security based on a formula that was put in place and has not been changed since 1984. Simply stop the taxes so that anyone drawing social security will pay the same taxes as anyone else. Government will still draw fica, and empolyers would get some relief.
Thank you, Ronald Reagan, for signing into law a tax on social security, putting further strain on Seniors. "Government is the problem"? Yeah, and you were part of it.
It was a bi-partisan effort to stave off a catastrophe
Ronald Reagan was POTUS over 40 years ago, this could be changed. Also the thresholds have not changed with inflation over the decades l. Why not? Because of Ronald Reagan? No. California is still blaming him for things the state should address and has time everyday to do so. Nancy Pelosi allowed the beloved city that I was fortunate to grow up in to be ruined. Own it.
Excellent, excellent. I have a question and I will deeply appreciate it if you answer my question. Let us assume, I was born in August of 1958, and I will retire, God willing, at the age of 70 in 2028. in 2022 COLA was 5.9%, in 2023 it was 8.7%, in 2024 it looks like it will be 2.7% and let us assume that in the following years, each year, COLA will be 1%. So, if we add them the result will be 21.3%. Will COLA total 21.3%, be added, to my social security annual check which, let us assume, will be $35,220 ? 21.3% + yearly SS amount $35,220= $42,697.6 ? I am just asking, I do not know the mechanics. Thanks in advance.
I would appreciate your advice on the way I am thinking. My retirement income puts me in a tax bracket. As long as I can pay the taxes on the re-characterization amount, would it be wise just to convert from Traditional to ROTH IRA the amount that keeps me inside that bracket? Is there any truth to the rumors that these brackets are changing this year?
Keep them as traditional You have to have them in a ROTH for five years before you can touch it Yes the tax brackets are increasing for 2024, will save you a few dollars
Hello, quick question, I am a 62 yo retired Federal employee. I get a monthly annuity and have Federal tax taken out of that. My wife still works and has Federal tax (10%) taken out each paycheck. This past year we got a Federal tax refund of over $2k. Since I turned 62 two months ago, my SSA Supplement ended. Starting this month I will begin receiving my Social Security benefit payment which works out to be about $700 more than my SSA supplement was per month. My question is, since my wife and I received a good amount from last years Federal tax return, am I required regardless to have additional Federal tax taken out of my Social Security benefit even if I think we are paying adequate Federal Taxes on our income? Thank you.
what does "Provisional" mean?
I am very much a beginner in investing. In your book, I would like to know the TOC before I buy it.
Thanks for posting this excellent video. I have one question regarding how much tax will actually need to be paid. In Example 7, $25,963 are due. However, in the case of a married couple, would this be covered by the standard deduction anyway, so no taxes would actually need to be paid? Or, am I not understanding the process. Thank you.
In example 7 the $25,968 are the actual taxes that would need to be paid. The standard deduction was already accounted for.
@@FinancialFastLane Thanks for the clarification.
10:15 minute....VA Disabity pensions are also tax free.
.
Is it the same for SSDI?
Provisional income is equal to Gross Income (not including SS) + 50% of SS income.
It looks like there is an error in Example #3 at 2:54 in the Gross Annual Income. THe couple has a combined $3570 in SS Income. That equates to $42,840 annual. The 401K/IRA withdrawal of $6000/mo, equates to $72,000. Hence their Gross Annual Income, which he defines as the sum of all these taxable incomes, is $114,840 (and not $136,944 as shown in video).
You are correct! I made a math error in example #3. Also, the provisioinal income formula is MAGI plus 50% of SS income. The provisional formula requires any tax exempt interest to be added back in for SS taxation purposes.
What is The "M" in MAGI? (? Adjusted Gross Income)
@@user-po1zj6kb5i Modified. The equation is MAGI = AGI + Non-taxable Social Security benefits + Tax Exempt Interest + Excluded Foreign Income. The IRS uses your MAGI to determine your eligibility for certain deductions, credits and retirement plans.
Omg Question live in. GA will received my ssn in oct single working for 90,000. Per year my expected amount to received will be $2400,09 How much tax will I be paying back?
I am 66 and half in full retirment age and working full time.
How much is my tax to social security?
Have no any other income such as pension or 401 k.
2023 was my first year living on a half pension, my ex gets the other half, and SS taken at 62. Single, I have no other incomes or savings. My 50% pension and SS taken at 62 has a combined gross income of $48,142.20; my provisional = 34,861. So my SS will be taxed at 85%? They suck! It is sad, they just want to keep control of the middle class.
I am an expat living in Thailand 🇹🇭. I’m running into all kinds of trouble trying to get ready to file soon. I was told I had to fly to Manila Philippines 🇵🇭 to try and file there. I am on a tight budget and this would cost a lot. Any help or advice would be appreciated. I turn 62 in June.
My understanding, if you live outside the US for 363 days in a year, you don't have to pay income tax.
Belize and Costa Rica are on my retirement radar because they don't make you pay taxes if you retire there and your retirement income is from another country.
As a US citizen drawing SS from the US you’d have to file a US tax return. One of only two countries in the world to do that.
How do you get the numbers @ 4:17? Looks like AGI is $89,890, - $25,900 (std deduction) = $63,990 taxable income. Total tax = $7,266. (using 2022 1040). What am I missing??
Same with example #5 @ 5:08 numbers don't add up. Waste of time.
I presume unearned income like interest from a money market account to be the same for the provisional amount ?
That is correct, including tax exempt interest from muni bonds. Even though the interest may be tax-free it gets added back in for the provisional income calculation.
Back to the drinking game! Every time he says sochacurity, take a shot.
What if one spouse is strictly civil service retirement and one is minimum social security benefit?
great content as usual.may i assume that if my monthly ssi payment is 1358.00 dollars and is my only income and being a single male will not be taxed at all thank you
That is correct.
What if you get a part time job making a few thousand dollars a year does effect taxes on your social security
@@mytwocents4892 Earned income counts toward your provisional income so it just depends on how much total provisional income you have in a year.
Question: Do the taxes get removed when the checks come out or do we need to save for these taxes and pay with our income tax?
You can elect to have the SSA withhold taxes if you would like. It is not automatic.
@@FinancialFastLane thank you!
So, your income may change year to year. If you elect to have taxes taken out of your check, do they adjust it, every year, or take a set amount?
Thanks for great information. I am 65 and my wife is 64. By end of the year I am going to collect my ssi and retire from my job with a pension my ssi would be around $1600+$500 for my wife and $1500 pension. How do I calculate if I have to pay taxes?
I live on Georgia.
Thanks as always.
Yours,
Let me give you an example Couple 65 or older receiving $40,000 SS $20,000 Pension IRA ETC
NO FEDERAL TAX
@@Satjr35031 Thanks,
What is "provisional income?"
Is social security still taxes as much if you use it to pay medical insurance if you are not old enough to qualify for Medicare?
Taxation of SS benefits has nothing to do with medical insurance or Medicare. It has to do with your other income. Here is a video with more explanation th-cam.com/video/92i1q3itr5I/w-d-xo.html
Do you have calculator to calculate these pensions?
We are financial planners. Yes, we have calculators and software tools that we use in analysis and planning.
At 8:17 where did the pension item go?
It was taken as a lump sum and converted to Roth.
So I only pay tax on the portion of my assets i liquidate in the tax year and my tax rate has nothing to do with my total net worth?
Yes, income tax is only on income or realized gains on investments.
What about state tax on SS income?
in example #5...gross annual income should be $6261/month x 12 = $75132...correct?
You are correct, not sure what happen there.
What if I decided to go back to work because prices are so high? I received my SS at age 62 but am now 68. I know I would pay tax on my work but I believe I would not be taxed on my SS correct? Why do they tax us on SS when it is money we already paid while we were working? Thank you.
You can be taxed on a portion of your SS benefits depending upon the amount of other taxable income.
Thank you, and great videos!! @@FinancialFastLane
Do people with decent pensions have any way to reduce the percentage of SS benefits being taxed to below 85 percent?
If your pension has lump sum option you could put that in an IRA and then complete Roth conversions over time.
If I've already paid taxes on the money I paid into social security, why do I have to pay taxes again when I get it back?
I explain in this video: th-cam.com/video/92i1q3itr5I/w-d-xo.html
what if one spouse is retired and the other isn't. the retired spouse is working but under the income threshold while the other is not. Should the ret. spouse file tax separate ?
There is NO need to file separate. The Social Security earnings limit is based on the individual earnings.
In the Arkansas example you forgot the standard deduction.
Nope, didn’t forget. The standard deduction is included.
I am 100% disabled from a head injury in 1994,why do I have to pay taxes on this at end of year,I don’t understand.
Your Social Security benefits are only taxed when you have other taxable income. Here is a video with more details th-cam.com/video/92i1q3itr5I/w-d-xo.htmlsi=LbCPzlPGrTuszA15
Lane, a few points of confusion for me. At about 8'45", you show the SS Tax Thresholds. I'm single. Are these thresholds representing all income or just SS benefit income? Do I add my pension and SS benefit, multiply by 12, or do I multiply just my SS benefit by 12? If my SS benefit taken at 62 was $1,925.20, that would be $23,102.40/year, so below the threshold. But, adding my projected pension benefit of $3,798.02/month, the two together would come to $5,723.22/month, so $68,678.64/year. By one way, I would pay no SS tax, but by the other, 85%.
I'm still confused as to how the provisional tax and then the ultimate SS tax is calculated. I couldn't figure out a consistent pattern between these examples, and so still haven't been able to figure out what my annual tax would be even if I assumed I would pay the 85% rate. I think I look pretty similar to the single AZ adult, though my SS benefit is quite a bit lower and my other income is a pension, not a 401k.
So, just to summarize, per month ...
SS benefit: $1,925.20
Pension: $3,798.02
Single, age 62.
Thanks for any clarification you can provide. I appreciate these videos. I've been learning a lot,
Alex
In this other video I am more clear on how the formula works. th-cam.com/video/92i1q3itr5I/w-d-xo.html But based on the numbers you provided your provisional income number is $57,127 which means that 85% of your SS beneifts ($19,637) will be taxed as ordinary income. Your total estimated tax, based on current tax rates, would be about $4,789 per year.
@@FinancialFastLane thank you, Alex
@@FinancialFastLane follow-up question:
Would be the total tax for a year or is that just the amount of tax on my SS benefit? Will I also be taxed on my pension income?
@@mongofan1 Pension income is taxed as ordinary income. The taxes in the examples are total combined taxes not just on SS.
@@FinancialFastLane thank you, this has been very helpful.
I’m supposed to be getting 1572 a month from Social Security have no income except I do side jobs and claimed about $14,000 income from that Social Security can answer this but what am I going to be taxed? Thank you.
You will likely pay nothing in taxes or at least be very close to zero taxes.
Why do t people understand you’re not supposed t9 live off social security? It’s a supplement
I'm close to FRA and I have a 401k at my job, what if I took a lump sum on the 401k before I retire, could I be tax free then?
That would be a VERY expensive whay to do it. It would be much better to covert over time to Roth.
@@FinancialFastLane Could I put the entire amount of the 401k into the Roth? Right now its around $377,000 and hopefully will be more in a few years.
@@katanatac You could but you will pay too much in taxes that way. I would be happy to have a conversation with you. Please contact my office and get on my calendar 480-550-6556.
You only did one scenario on singles and the rest for married can you do more on the singles please!
Thank you for the request. We will add it to the list of future videos. If you want personalized numbers you can contact our office we can calculate the numbers for you (no cost). 480-550-6556 or request an appointment through our website www.martinsenwealth.com/
How do you figure the provisional income? what a bad deal.
Here is a video that explains th-cam.com/video/92i1q3itr5I/w-d-xo.html
What is provisional income?
There is an IRS formula to calculate provisional income. Provisional income is used to determine how much of your Social Security benefits will be taxed in retirement. The basic formula is 50% of your annual Social Security benefit amount plus all other taxable income. That equals the provisional income number.
Subtitle C social security taxes according to the US Treasury Secretary is triggered upon a "privilege" or in layman's terms an excise tax, which the average American making domestic source income does not qualify.
I recommend this video: th-cam.com/video/92i1q3itr5I/w-d-xo.html
I wish they wouldn't tax the very little bit of money i earn part time bc i dont make enough to file so they get to keep everything they withhold i also get ssi
Your Social Security benefits are taxed only when you have other sources of income. If Social Security is your only income, you do not pay taxes.
Don’t wait til you retire to try to redistribute from trad to Roth. Do it while you still have an income stream. Otherwise you are paying the taxes from your nest egg. Roth it all the way so you won’t get to RMD time and be paying taxes from your retirement accounts.
Why would they tax social security at all??? Don't make sense to me....
But whether you take money out of your 401 or convert it to a Roth - you still pay taxes. So I fail to see how converting is “better?”
When done properly it will save you taxes over time with tax bracket management. Also, it can help you to avoid taxation on Social Security. Also the future RMDs can be very tax inefficent without a good plan. There is also a risk of taxes being higher in the future. Money in a Roth is not impacted by inceasing taxes and all growth is tax free. There are many benefits and there is wisdom in tax diversification rather than keeping it all "tax deferred".
Wait...for the Idaho couple first example they had $2000/month in pension income. In your second example for that couple you left out the pension income. Need to show that example with the pension income included. I realize that they'll still pay less tax since they're using Roth for living expenses, but the comparison needs to be apples to apples with their pension income.
The pension was taken as a lump sum into an IRA and then converted to Roth. If their pension did not have a lump sum option then we would have converted more of their IRA and we still could achieve a zero tax in this situation.
Why is it a different % of provisional income for each person? It looks like the taxes are set to keep us in poverty level forever.
The formula is based on your Modified Adjusted Gross Income (MAGI).
SSI funds were already taxed while we were working - let's stop this $$$ grab NOW
Employers
I am a house wife for now because I have to take care of my illness husband. And I was working from 2000 to July 30 2022. I will be 60 years old in October 10 2023. Right now I can't go back to work anymore because I have to take care of my illness husband. Am I Aligibal for the binifit of social security money. And when I can apply for it .thank you very much. Please give me an answer.
The problem with all this is most Americans have never read any of the tax code. Indeed, most probably dont know which title in the usc is the tax code. Simce this is true, there has arisen a sort of priestly ckass, so called tax professionals and accountants and preparers, etc. These people while filling a niche demand that may help some people are still essentially grifters off the vast majority of working Americans.
The FIT is an excise tax, always has been since it inception in 1862. Surprised?!? Bet you thought the tax started in 1914 with the 16thA. The were a series of SCOTUS rulings, Brushaber, Stanton Mining, etc, that clearly show that the FIT is an excise tax and the 16thA does not alter the comstitutional proscription on a capitation tax on individuals. See Article 1, secrion 2, clause 3, and Article 1, section 9, clause 4.
When American workers fill out and sign a w4, they are allowing their payer, the compqny or individual they wirk for, to withhold taxes and report their earnings as "wages", i.e , federal "income" which is taxable under 26usc.
See how that works? The federal govt uses private sector businesses to basically trick people into identifying their non-taxable earnings, which arent taxable, as "wages" which are taxable. This is also known as constructional fraud, but dont hold you breath for the AG to do anything about it
All this fraud can be traved back historically to WWII and the Victory Tax. Prior to WWII, people knew the true nature of the tax laws and very few actually filed returns. All this is proveable and available for people to read and apprehend if so inclined. It will blow your mind.
Cheers
What about a single that has retirement and social security at 67
Depends on your benefit amount. And just use the tax brackets Lane showed.
That money was already taxed. Now it's robbery.
Some of these people are bringing in $6000 in SS and STILL will be taking out $7,000 per month from their IRAs. I couldn't spend that much in a month short of fixing up my home even if I tried.
$7000 per month RMD is a fantasy number you made up and not realistic.
@Kurt M. But they have a champagn budget, what's the issue?
Just because you have taxable SS does not mean you pay taxes. 😂
i don't know anyone with that much SS.
What is the name of your book?
The Holistic Retirement Planning Revolution
@@FinancialFastLane Thank you
So depending were you live will very in taxes.
The federal taxes are the same in all states but each state has their own tax laws that come into play. So yes, it is different in each state.
Not sure what Provision income means in these scenarios.
Provisional income is explained in this video th-cam.com/video/92i1q3itr5I/w-d-xo.html
@@FinancialFastLane Thank you!
PLEASE explain how you came to the 28% and 19% conclusions.
th-cam.com/video/92i1q3itr5I/w-d-xo.htmlsi=mY7VeICmS3BXOlAe
Could you mail me the forms to enable me to recieve ssi i dont want to put my info on the internet ive subscribed and have been watch your videos they have cleared things up for me and i thank you very much
You will need to do that directly with the SSA. You can call them and do it over the phone or do an in-person visit at a local office.
@@FinancialFastLane thankyou Soooo much . Keep making them videos.
you can't be serious. SSA.gov takes 5 minutes
No one should be paying damn taxes if they are retired and paying taxes after like 30 years. Absolutely GARBAGE 0:47
Social security benefits maybe shouldn’t be taxed at all, because it was taxed, also paid ahead for those benefits for certain amount for decades long. Also if hardworking Americans love to work after retiring age will be discouraged. Moreover, if hardworking Americans’ social security benefits can’t be enjoyed, but paying never paid taxes and never worked for building our country America’s greatness and illegally across the borders and getting paid all of Americans’ benefits, surely many Americans will be sad and unhappy by talking much of this issue. Maybe help some American homeless, or disabled veterans and injured policemen, also using some money to help Americans to get rid of the drug addictions, training working skills, or single parents, or orphans for appropriate growing and stable life. If Americans’ own harder life or situations can’t be taken care of, then the whole world will wonder why or how. Also too many homeless tents and dirty garbages around everywhere, it will damage America’s greatness images quickly. 45 years ago, I came to America, clean, organized and courteous Americans are very friendly toward each other. Also plenty of jobs for hardworking Americans to live in stable life by freedoms and equality of opportunities principles and societies. Less or rarely to see looting, robberies or murdering crimes openly to force major Department stores to shut down or close. Hotels or motels were open normally for booming economy growing atmosphere or for booming tourism activities. I guess the stable jobs made Americans happier and stronger patriotism spirit for America’s flags. Also strong economy supported strong defense capabilities to show America’s greatness, strength and Americans’ happiness altogether as the world leadership status efforts for peace efforts toward peace in the world. American dreams were spreading out as proud to be Americans. America 🇺🇸 was so united together by building our country America’s greatness together and preserving freedoms, entrepreneurship spirit and equality of opportunities principles to ensure America’s greatness by America’s recognitions and principles. Kindness nature are very much promoted by Christianity spirit influences as Americans together to love our country together always. We could achieve in the past, we can achieve now and in the future together again. America is America, but America’s greatness and strength will boom entire world’s economy growing. America’s high tech support will make peace efforts, more entrepreneurship spirit encouragement, America’s kindness nature will help achieve all to live better by efforts, correct motivations of freedoms, entrepreneurship spirit and equality of opportunities, also the longevity of the earth through America’s principles, patriotism spirit, efforts by greatness, strength and happiness and kindness altogether. This is why we must focus on America’s principles, getting things done quickly together, efforts without hesitation, power of alliances, communication abilities accompanied with strategies as America’s experiences for getting things done quickly together and govern bylaws afterwards together quickly to preserve freedoms, entrepreneurship spirit and equality of the opportunities together by loving our country America dearly together.
I don't understand why am I being taxed on SS when I was not given the option of putting that monies in the stock market so I could have had a lot more money...if you made me pay into SS from my pay, then I SHOULD NOT have to pay any taxes
i recive ss $2,571.00 l am 66 and still working my anual job in a year is $69,000.00 my wife does not work she gets $932.00 she is 63 i am in my job on my w-4 am single and put an extra $100.00 per pay period how would my situation work thank you
SS benefit 1 + SS benefit 2 + pension = 75,132, where do you get 71,400?
Cood catch! It is a typo. You are the second person to see it.
Wait, how does the wife have that much benefit? Max she should get is half of his?
Based on her work history her own benefit is larger than the spousal benefit.
@@FinancialFastLane But I thought the spousal benefit was capped at half the PIA of the higher earner? IE the lower earning spouse can only collect half of the higher earning PIA?
@@paulmarino8810 You are correct regarding a spousal benefit. In the example you are referring to the wife is not using the spousal benefit. She is receiving her own benefit based on her own work history.
You are taxed up to 173 years of age.😂
what are the thresholds? what about deductions? You explanation is useless without those numbers?
Here’s a video that explains the thresholds th-cam.com/video/92i1q3itr5I/w-d-xo.htmlsi=yPbufjkpye6T9d4G
I want that Jeff Bezos and Elon Musk tax rate - zero.
It really a misconception, the amount of tax revenue generated from their companies is massive.
Great video!