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.
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.
Watching this gave me the same feeling as when I came home from work one day to discover my living room ceiling had fallen in from an unknown roof leak that destroyed everything I worked so hard for. Then robbed by my government posing as an insurance agency.
@R Voit Florida's Citizens Insurance is run by the state, therefore not all insurance companies are private...dumbbell! But hey, at least you learned something.
@R Voit in·sur·ance /inˈSHo͝orəns,ˈinˌSHərəns/ Learn to pronounce noun 1. "a practice or arrangement by which a company or 'government agency' provides a guarantee of compensation for specified loss, damage, illness, or death in return for payment of a premium." Word of advice, don't stutter when you read it out loud, dumbbell!
Why can't people who are still working that we didn't earn 15.00 an hour.i made 1.25 cents when I started to work. When I retired it was 7.00 an hour whoo can save money on those wages......you will see one day very soon.
@Theo Russ the hell they arent,we already paid once when we worked now again . One the very poor want have to pay taxes. I mean under 18,000 want pay. I'm a couple hundred over that so Yell Biden will get his hand in my money this year or next.
As a rule, retirement shouldn't be treated as income because the person isn't working anymore. But we don't live in a sane world, do we? We live in a world ruled by useless people who have to steal our money because they aren't competent enough to earn their own legitimately. That's my working definition of "politician".
Seniors had their entire working lives to save. They shouldn't be dependent on the SS taxes their children pay to support themselves. SS is Federal welfare and should be abolished.
@@tomblevins5020 Explain that to people who work low tier wages all their lives, at the kinds of wages you want them to work at so you can enjoy cheaper goods and services. And do tell us how successful people were at doing so before 1935.
People do not understand that they get to pay tax on wages before they take out FICA (Social Security). That means you are paying tax on your FICA money before you pay it. Then, when you receive the Social Security check, you are required to pay taxes AGAIN. Double taxation.
@@MrGruug I do not know who you are why you're talking about taxes I live in Pennsylvania and you know my name I don't understand this I'm going to have my daughter look at this
Thanks so much Michael, I came across this vid of yours when I was scrolling to watch vids. Guess, that's called an algorithm? hehehehehe:) I started receiving my SSA, Nov of 2021 and at the early retirement age. This will be my 1st year filing under SSA rules and I am so glad I saw your vid. OK that's all I wanted to tell you, Peace and Grace, Ok You Be Good! 💰
Since most income tax filing is done online through agencies like TurboTax , you probably have been paying tax on your benefits whether you realize it or not. I know several people who are in their 70’s and they said the same thing but once they looked deeper into it, they definitely were paying tax on their Social Security.
@@CMG619 no, I’m saying that when you use online filing you just punch the figures in to your computer and the program figures the tax for you. So most people would probably not realize that their benefits were taxable. After all, if Social Security is your only income, none of it would be taxable. At least not at present. So, if you ARE paying tax on your benefits then you must have other income to report.
The first one which shows maried individuals are taxed after 32,000 while being single one isn't taxed until 25,000. Is the number one reason so many married retire's are getting divorced. But not actually separating. There a reason it's referred to as the "Marriage Tax". A combine income of those who are leggally married is only 32,000. While the income of two individual's who are not married, even though they live together is 50,000. Doing the math, that's some 18,000 difference. I know of several retiree's including my self who are divorced after scores of year's of being married, just to avoid the Marriage Tax.
So what the government is doing is taxing you twice. Once when you are working the government takes out for Social Security and then when you receive Social Security then tax you again! What a great system for the government!
What they're allegedly taxing is the untaxed portion of the social security benefit contribution that has been paid by the employer and has been deducted as an expense.
For all the people complaining about double taxation: a little background. Social Security used to be tax free and other retirement accounts were not. Things like pensions and annuities. So, in order to level the playing field, so to speak, they introduced taxation of Social Security. Since your employer pays half of the FICA tax, they set the maximum amount that could be taxed at 50%. They set the thresholds for taxation very high for the time so that only a few rich people had to pay it. But they deliberately did not index the thresholds to inflation so that eventually everyone except the very poor would have to pay tax on their benefits. Ten years after this started, the chief actuary of the government calculated that the average retiree only paid in about 15% of their lifetime benefits so they could raise the maximum amount of benefits that could be taxed to 85% and still avoid double taxation. So , whether you agree with what they did or not, please realize that there was method in their madness. Hope this helps.
I'm 75 and did not claim my SS benefits until I was 70. I stopped working in 2016 due to knee health problems. I am no longer married and my only income is Social Security and a small pension for when I worked for the State or AZ. (Now, I wish I'd have had the State deduce more money for my pension, but I was young and stupid and I just wasn't concerned with that stuff. Now, I realize so many stupid mistakes I made. But, still, I"m better off than many of my friends. This was very interesting and insightful. My tax advisor said I should stop SS withdrawing any more money from my Social Security benefit. But I need an advisor cause this is just a bit overwhelming to me. Thanks for this video. Wish I had a copy of it. Take care.
The untaxed portion of the benefit was the 6.2% contributed by the employer. The social security benefit is deducted as an expense by the corporation, so that portion of the benefit has not been taxed.
My SS started low as l am a disabled single woman with sporadic income when l was able to work 30 years ago. I was on SSDI at $941 until l turned 67 when that amount came from SSA instead of SSDI. The COLA adjustments have not even kept up with the cost of living. How does the IRS expect me to pay more to them?
The tax you might possibly pay on your SS benefit when doing income tax at the federal level is earmarked back to the SS fund, so don't feel totally horrible about where it's going....
This video misrepresents what Social Security is. SS is the original 401k program. It’s YOUR money. Although everyone uses the word tax, the SS deducted from your paycheck is NOT a tax, it is a 401k post-tax savings plan with employer matching funds. Currently, SS withholding is 6.2% for the individual with a 6.2% match from your employer (total 12.4%). The self employed must pay the entire 12.4% contribution. The employer match is not taxed when deducted from your paycheck. The only difference between SS and your 401k for tax purposes is that 401k deductions are pre-tax which means you will pay tax on interest earned and employer matching funds upon withdrawal. If you do make to much and your monthly SS is reduced, the money stays in your account. Taxes on SS withdrawals is not triggered until $25k of combined income (adjusted gross income + SS) on your federal tax return and that tax is 50% of SS received ($15k received, $7.5k is taxable income). If you have more than $34k of combined income on your federal tax return then SS income is taxed at 85% ($15k received, $12.75k is taxable income). Try to remember that SS was created to help low income people survive retirement and was last updated in 1983 to keep SS solvent for 50 years until 2034. As 2034 approaches, politicians keep kicking the can down the road and republicans want to eliminate any program that helps the poor and middle class.
It depends. Eleven states in the U.S.- Colorado, Connecticut, Kansas, Minnesota, Missouri, Montana, Nebraska, New Mexico, Rhode Island, Utah, and Vermont - impose some form of income taxes on Social Security benefits, as of tax year 2022. As to Federal Income Tax, only if your combined earnings from SS and a job exceed $25K for an individual or $32K filing jointly. If you have no other income, Social security is NOT subject to Federal Income Tax all the way up to the maximum benefit you can receive. Saved you 9 minutes..
@@malanalan1 Joe your comment is not helpful. Are you a Federal welfare mooch??Are you collecting an undeserved monthly check that is funded by the SS taxes our children are paying.
Social Security receptients have paid taxes during emoploymenmts. As it is insufficient, they have to work part time to making their living. There is no reason why they shoud be taxed when they do not get employment partime any benefits and are sucked out by employeres.
Social Security recipients are getting screwed two ways. By the manulipation of annual COLAs for lower benefits. And, and antiquated Social Security tax table that has never been adjusted for inflation.
We should not have to still pay for social security at all, we paid through our younger years, we have already paid for our share to the country, it should be tax free and Medicare low cost premium like few countries out there.
@@SandfordSmythe The system indeed needs additional income to finance the baby boomers through their lives. That’s precisely the reason this assessment was enacted back in 1983 per recommendation of the Greenspan bipartisan reforms. The only problem is that they didn’t index the 25k threshold for inflation. As a result, it’s capturing more and more low to moderate income beneficiaries. 25k was a considerable income in 1983.
Do 401k contributions impact the earned income penalty for example if you make $39k and eliminate it all via 401k and IRA. Also if you start collecting early and keep working will they increase as some zero years drop off the calculation?
Social Security was part of your income and taxes at the rate of 6.20 percent to you and 6.20 percent to your employers . IT Shouldn’t be taxed anymore.
My wife ‘s only income is social security check, less than 25,000. I ,the husband is collecting social security and still working. My total income is 48,000 . My question is; can my wife and I file tax return SEPARATELY? If we can, can I claim my wife as my dependent. I appreciate if you could give me some clarification. Thank you sir. You are really a big help to the seniors.
It's real simple, if you are single and your total yearly income is under $25k a year, you do not have to file a tax return, or pay taxes on your income. And if you only make about $15k a year, like I do, you most likely qualify for a lot of other government benefits. Like food stamps, a free phone from safelink, energy assistance, rent assistance, low income internet, and in my case, free medicaid and free prescriptions too. The only thing I pay for are rent and my DirecTV. The apartment complex I live at has their own water supply, so I do not get a water bill. And Comcast has a low income internet program called internet essentials, that has $10 a month internet for people on low incomes. But right now the federal government is paying for it, so I also get my internet for free. In other words, it is great to be me, lol.
Pay tax on a benefit that you already paid for (past tense) in taxes from your earnings WHEN you worked, and NO LONGER WORK anymore? That's paying the same taxation TWICE!
You didn't pay tax on the 6.2% contributed by the employer. The employer deducted the 6.2% as an expense so the rationale was taxing the benefit to recoup the untaxed employer contribution. If you add COLA adjustments to the social security benefits, COLA is adjusted as a percentage of the entire benefit (including the untaxed portion) so you are gaining money on the portion not taxed. So, the taxable calculation includes the untaxed benefit and the additional COLA benefit on the untaxed contribution.
@@SandfordSmythe As it sits today, it's actually the result of several through the years... but they only signed off on it, it was passed by the House and Senate to get there to begin with...
The rationale for taxing Social Security is the portion of the benefit contributed by the employer has not been taxed and has been deducted as an expense from the corporate income tax. The SSI amount being taxed is allegedly to make up for the untaxed portion of the benefit contributed by the employer.
I’m waiting until age 70 to take “my” SS. I’m only 5 months away. However as I was born before 1-2-54, I qualified for a spousal benefit of 50% of their SS at my FRA. By waiting to 70, my benefit has increased 32%, or 8%, at 4 years from 66, FRA. Plus they’ve added inflation increases. My SS alone will be over $40K. I have a part time self employed job that pays $12K year. I have expenses, so some will be deductible. If I understand you, by waiting, my taxable income would be say $6K on job, 50% on SS, figure $21K. So that would be $27K combined? That would be until I reach 72. Then I have to start taking RMD’s out of my IRA. I don’t pay state taxes on SS. So should I start paying quarterly estimates on the approximate $27K income in 2024, as I’ll only receive my benefits this year for 4 months? Also do you know about the 6 month “back pay” SS offers? In my case it would be paying me 6 months up front from 70th birthday’ less $100 per month, or over $20K. However that would reduce my SS benefit that $100 per month, or 4%, from then on. However I figure it would take over 12 years to break even, or live to 82. I’m wondering if I would get the full $20K in addition to the spousal benefit I received up to 70th birthday, or would the spousal benefit be deducted from 6 month back up?
I'm not going to do that I'm going to still work until I can't anymore that's what I'm doing I know that if you take it early then you're not going to get anything after I know that study the guidelines and thank you very much hope you had a very happy holiday Happy Thanksgiving thank you for sharing your video
They claw for sure what a shame it is that you work so hard and they claw and claw. But I thank you for taking the time. I wanted to find out what the tax rate would be for retirement in the state of nm you cant find any help from anyone and when you call the Internal Revenue too much bs waiting time for someone to answer..
Only if you are american citizen living abroad and drawing foreign source income triggers a tax and reporting requirement. Social security taxes fall under title 26, subtitle C of the code of federal regulations.
what does "Up To" mean? Suppose my Combined income is $26000 and I am a single person then 50% what is taxable? 50% of $1000 ($26000 - 25000) or 50% of $26000 ?
People in the lower brackets like the $25,001 can't afford to pay taxes again on their social security. Those people can barely survive as it is. This is not only wrong on all levels, but it's thievery!! For me, I am so confused about all this. I have no head for taxes, or numbers. I'm a widow. I had to take early retirement on my husband's social security due to health issues. I didn't work anymore after that because of my health. So, now, with little coming in, I'm going to have to pay taxes on this again? Just shoot me please!
I completely agree this is insane. What ever happened to the double jeopardy law that says you cant be taxed twice on the same earnings?? I give up this is just insane $25,000.00 is nothing it's barely enough to live one these days and now they're going to tax me if I work a part time job and make more than $7,000.00 in an entire year?? This is deliberate oppression and marginalization of lower income class people. They are purposefully keeping us in poverty. I didn't know about this until just now. I thought how the hell can they tax you on a tax you already paid?? I didn't believe it was real. Luckily I only made $4500.00 last year but even so that puts my income for the year at around $22,000.00 but that's gross. I paid taxes on the $4500 when I made it and we pay $170/mo on Medicare premiums that are deducted from our checks. So the actual amount of money that I made my net income is $18 and change.. And now I come to find out that my personal belongings that I sold on Ebay just to afford food last year is taxable as well??? WTF??? This is B.S. something needs to change immediately they need to adjust those income numbers. I get SSDI and I've tried and tried to go back to work part time and keep a part time job but I keep getting sick and have to stop working now I can't work at all anymore my issues are degenerative and terminal. I'm so done with worrying about money I wish I would just die now. But that's what they want us to do. They want us to die. They're trying to oppress us and make us food insecure and make us keep downgrading our living conditions until we just give up.
@@bam8467 The Lord provides for me. Even though I don't make enough SS to support myself well, the Lord gives me enough to suppliment my income. So, I do fine. It's just wrong to double tax us. If the Lord wasn't giving me the help I needed, I'd be in real trouble. Please trust in the Lord to provide because He will. I will pray for you hun.
Most states don't tax SS. Does Texas even have an income tax? Federal taxes are a possibility for SS, depending on other income. I just ran the numbers. In 2021, if single and you drew the absolute maximum SS benefit of $4194/mo and that was your only income, only $82 of it would be considered taxable income. You could earn another $775/mo before you would every have taxable income, due to the 12550 standard deduction and 1700 over 65 deduction, but then, the taxable amount of your SS would increase to $4894, but you'd have a total tax free income of just under $60,000.00 / yr.
I don’t mind (very much) having to pay taxes on my SS benefit, but what I do mind is that the rates haven’t changed for inflation and have stayed the same since Reagan signed it into law in 1983.
If my wife starts collecting early now (I'm still working) based on her benefit, is she locked in at that rate or will it increase to 1/2 of my rate (which is higher) when I start collecting two years from now?
SS GETS TAXED FOUR TIMES CAN DEM DO WHAT REP COULDN'T DO For seniors REINTRODUCE support - Senior Citizens Tax Elimination Act To amend the Internal Revenue Code of 1986 to repeal the inclusion in gross income of Social Security benefits. See if millionaire senators really want to help senior citizens. REALLY?
It really doesn’t matter whether you work for the income or collect it from investments. If you have income other than from Roth IRAs you have to use it to figure up if your Social Security is taxable.
Missing: you get the penalty on early benefits back, right? I read the instructions several times and asked about it. The claw back is temporary and they say DOES NOT REDUCE your total benefits - it delays them to FRA. You get them back later when they may not buy as much, but it’s a small risk depending on how much you are earning. When I hear advisors talk about claiming SS at 62, they never appreciate/mention the opportunity cost of waiting to claim devalued currency. I made the choice to take every cent I can as soon as possible and invest for inflation protection and I’m really glad I did. The COLA is always under stated. By working while collecting I had a bump in discretionary income for five years that I put into my Roth to buy precious metals and other inflation hedges.
Hi Sandra. You are correct that if the income penalty is assessed, social security refunds you the penalty amounts at your full retirement age. But the refund process is a little dicey. We wrote an article on this topic www.greenbushfinancial.com/all-blogs/social-security-income-penalty-refund (Comment is for education. Not advice)
you don't have to pay taxes on social security it was tax every week while you were working all your life these people don't know what they are talking about and one reason you don't have to pay taxes you can't file a income tax return. i have been retired now for seven years and collect social security and I have not paid taxes on my social security and the irs does not take taxes out of your social security
If Social Security is your only income then none of it would be taxable anyway so no need to file a tax return. But if you have substantial other income , in other words enough to require you to file , then some of your benefits would probably be taxable. Since taxes are typically filed online these days through something like TurboTax, the tax would be figured for you automatically and you might not even realize it. The information presented in the video is accurate though.
You missed 'married filing separately'; treated much differently than 'other taxpayer' column. You skip lines 8-15 on calculation sheet and get no benefit from the $25000 threshold. The full 85% of social security benefits are then considered as taxable income [or close to]. For me, adds about 500% to 600% over the final tax I would pay as a single man using that $25000 threshold. I was told filing separately would result in a similar tax as filing single. BIG LIE. We probably would not have gotten married if we had known this [costing us thousands annually now]. the injustice kills the human spirit.
I was penalized for 49 % for Medicare premium, they said I didn’t enrolled during the age I turned 65 years old. I did. SSA took monthly premium 2005. Now my Medicare monthly premium is $255 . I only receive $11 or $ 4.55 a month because the Medicare monthly premium got my benefits most.
You mean 65 before 3 months your birthday Can be Sep or October 2021, or 3 months after which could be in January 2022 or if I am wrong or it has to be during enrollment period which is Oct through December 7 2021 and not on next year 2022 Too many rules.
@@rosablevins9067 you have to enroll in Medicare within a 7 month period surrounding your 65th birthday. 3 months before, the month of your birthday, and 3 months after. So , if your birthday is in say, August, you could sign up during May through November and there would be no penalties.
If your only income is social security, there is a high probability that you will not have to pay tax on it at the federal level. (Comment is for education. Not advice)
Oh my goodness! This should really be titled "don't kill the messenger!" Thank you so much for this information. I really appreciated your charts and your information on SS. It's a shame Uncle Sam has to get his hands on this hard earned money, especially for those that live on such a limited budget! Two things that are for sure! Death and Taxes!
My sister Yolanda Vera have not got back her social security benefits i been complain to social security office in Houston the Senators in Washington and told that she needs back this year that truth
If you retire early at age 62 and you make more than your allotted amount. Then you’re penalized once you turn age 67 do you receive that penalize money’s amount back?
I've written to to my Rep and 1 Senator about the tax on SS income. Heard nothing. I'm near the top of the 12% bracket and if I sell a mutual fund, I'm supposed to be in the 0% bracket. But since more of my SS becomes taxable, it isn't truly 0%. Fortunately I keep track of all my taxable income and can game the system fairly well. Next year with the RMD, it will be a bit tighter. I've done some QCD's since I became 70.5 yr old, but with the RMD, I'm stepping that up some. It is the only true tax break that is available to me. Guess I didn't have to watch the video, but I enjoy learning about this subject.
This is absolutely hideous.. We made a living wage and PAID taxes on this money once already. So why do we have to pay taxes a second time ? Sounds like why our forefathers left Europe years ago.
You didn't pay taxes on the half your employer paid in, and you would only ever have to pay taxes on a max of 85% of it if you were already pretty wealthy, but most pay 0% or on a very small percentage of the SS earnings.
I make less than $25,000 but get about $258 a year (2022) interest on a money market acct that I claim. No other income. I currently have 7% tax taken out of Social security. My question is should I stop having taxes taken out because I’m below $25,000?
They only count 1/2 of your Social Security in figuring up your combined income. If this is your only income then you don’t owe any tax. No need to have anything withheld.
@@ronald1111 yeah there are a lot of different taxes. More than most people realize. But income tax is pretty straightforward. If a person’s only income is Social Security, they don’t have to pay income tax on it , at least at present.
Medicare premiums are only deductible if you are self-employed or your itemize deductions on your personal tax return. In recent years, most taxpayers don't itemize due to the SALT caps and higher standard deductions. (Comment is for education. Not advice)
@@greenbushfinancialgroupI think they were referring to taxation of their Social Security benefits. Asking whether you can deduct the premiums for Medicare from your benefit before using the resulting figure to determine combined income.
No, you just use 1/2 of your Social Security to figure up your combined income. Then you use that figure to see if any of your benefits are taxable. If Social Security is your only income then none of it would be taxed.
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.
Watching this gave me the same feeling as when I came home from work one day to discover my living room ceiling had fallen in from an unknown roof leak that destroyed everything I worked so hard for. Then robbed by my government posing as an insurance agency.
@R Voit Thank you for that intelligent comment.
@R Voit Thank you for another personal attack.
@R Voit You are a fool with nothing to offer anyone. This is the only thing you do.
@R Voit Florida's Citizens Insurance is run by the state, therefore not all insurance companies are private...dumbbell! But hey, at least you learned something.
@R Voit
in·sur·ance
/inˈSHo͝orəns,ˈinˌSHərəns/
Learn to pronounce
noun
1.
"a practice or arrangement by which a company or 'government agency' provides a guarantee of compensation for specified loss, damage, illness, or death in return for payment of a premium." Word of advice, don't stutter when you read it out loud, dumbbell!
so in other words it's taxation without representation, taxing us on the money they already taxed us on.
You can vote for representatives . Your SS contributions are not being taxed twice
@@SandfordSmythe, you are an idiot and don't know what you are talking about.
Why can't people who are still working that we didn't earn 15.00 an hour.i made 1.25 cents when I started to work. When I retired it was 7.00 an hour whoo can save money on those wages......you will see one day very soon.
We need to start a protest on this.
@Theo Russ the hell they arent,we already paid once when we worked now again . One the very poor want have to pay taxes. I mean under 18,000 want pay. I'm a couple hundred over that so Yell Biden will get his hand in my money this year or next.
As a rule, retirement shouldn't be treated as income because the person isn't working anymore. But we don't live in a sane world, do we? We live in a world ruled by useless people who have to steal our money because they aren't competent enough to earn their own legitimately. That's my working definition of "politician".
Seniors had their entire working lives to save. They shouldn't be dependent on the SS taxes their children pay to support themselves. SS is Federal welfare and should be abolished.
@@tomblevins5020 Moron
@@tomblevins5020 Explain that to people who work low tier wages all their lives, at the kinds of wages you want them to work at so you can enjoy cheaper goods and services. And do tell us how successful people were at doing so before 1935.
@@whiteknightcat I'd explain it this way. Regardless of your tier should your children support you? SS payments are funded by taxes on young workers.
@@malanalan1 Joe, please be more specific.
paying taxes twice on the same money is double taxation
@R Voit tax on all the money u make and taxed on all the money u spend. That’s fuck up that’s why we broke away from England and the crown
@R Voit exactly so we only believe we live in a democracy the reality is we gotta pay
No I Do. No I do not have a big love
People do not understand that they get to pay tax on wages before they take out FICA (Social Security). That means you are paying tax on your FICA money before you pay it. Then, when you receive the Social Security check, you are required to pay taxes AGAIN. Double taxation.
@@MrGruug I do not know who you are why you're talking about taxes I live in Pennsylvania and you know my name I don't understand this I'm going to have my daughter look at this
Thanks so much Michael,
I came across this vid of yours when I was scrolling to watch vids. Guess, that's called
an algorithm? hehehehehe:)
I started receiving my SSA, Nov of 2021 and at the early retirement age.
This will be my 1st year filing under SSA rules and I am so glad I saw your vid.
OK that's all I wanted to tell you, Peace and Grace, Ok You Be Good! 💰
Very informative and helpful video. Clear and concise explanations. Thank you.
Thank you so much for this video. You answered a question I was wondering about.
I never paid taxes on my social security benefits.And I have been on it for years. I'm 72years old .
Wow
Since most income tax filing is done online through agencies like TurboTax , you probably have been paying tax on your benefits whether you realize it or not. I know several people who are in their 70’s and they said the same thing but once they looked deeper into it, they definitely were paying tax on their Social Security.
@@CMG619 no, I’m saying that when you use online filing you just punch the figures in to your computer and the program figures the tax for you. So most people would probably not realize that their benefits were taxable. After all, if Social Security is your only income, none of it would be taxable. At least not at present. So, if you ARE paying tax on your benefits then you must have other income to report.
@@CMG619 👍
@@johnscott2746 Less that 20% of the folks actually sit down and fill out
the paper tax form. Fully understand what is going on.
The first one which shows maried individuals are taxed after 32,000 while being single one isn't taxed until 25,000. Is the number one reason so many married retire's are getting divorced. But not actually separating.
There a reason it's referred to as the "Marriage Tax". A combine income of those who are leggally married is only 32,000. While the income of two individual's who are not married, even though they live together is 50,000. Doing the math, that's some 18,000 difference. I know of several retiree's including my self who are divorced after scores of year's of being married, just to avoid the Marriage Tax.
So what the government is doing is taxing you twice. Once when you are working the government takes out for Social Security and then when you receive Social Security then tax you again! What a great system for the government!
You are getting a Federal welfare check. Be grateful, not whiny.
What they're allegedly taxing is the untaxed portion of the social security benefit contribution that has been paid by the employer and has been deducted as an expense.
For all the people complaining about double taxation: a little background. Social Security used to be tax free and other retirement accounts were not. Things like pensions and annuities. So, in order to level the playing field, so to speak, they introduced taxation of Social Security. Since your employer pays half of the FICA tax, they set the maximum amount that could be taxed at 50%. They set the thresholds for taxation very high for the time so that only a few rich people had to pay it. But they deliberately did not index the thresholds to inflation so that eventually everyone except the very poor would have to pay tax on their benefits. Ten years after this started, the chief actuary of the government calculated that the average retiree only paid in about 15% of their lifetime benefits so they could raise the maximum amount of benefits that could be taxed to 85% and still avoid double taxation. So , whether you agree with what they did or not, please realize that there was method in their madness. Hope this helps.
And the purpose was to conserve the SS trust fund. 50% goes to SS and 35% goes to Medicare
It’s still a complete scam
Yes, their method was SCREWING THE WORKING CLASS.
I'm 75 and did not claim my SS benefits until I was 70. I stopped working in 2016 due to knee health problems. I am no longer married and my only income is Social Security and a small pension for when I worked for the State or AZ. (Now, I wish I'd have had the State deduce more money for my pension, but I was young and stupid and I just wasn't concerned with that stuff. Now, I realize so many stupid mistakes I made. But, still, I"m better off than many of my friends. This was very interesting and insightful. My tax advisor said I should stop SS withdrawing any more money from my Social Security benefit. But I need an advisor cause this is just a bit overwhelming to me. Thanks for this video. Wish I had a copy of it. Take care.
Have you purchased your piece of real estate, an 8'×3' plot, coffins and headstone yet?
Outstanding information on SS benefits. Thanks.
Taxes are voluntary -irs and 2 books confirm
It was *ALREADY* taken out of the earnings over lifetime working!
Yes but the U S gov't doenst' give a damn
The untaxed portion of the benefit was the 6.2% contributed by the employer. The social security benefit is deducted as an expense by the corporation, so that portion of the benefit has not been taxed.
My SS started low as l am a disabled single woman
with sporadic income when l was able to work
30 years ago. I was on SSDI at $941 until l turned 67 when that amount came from SSA instead of SSDI. The COLA adjustments have not even
kept up with the cost of living. How does the IRS
expect me to pay more to them?
No, we have already paid taxes on SS when we were employed!!
Hahahaha
Thanks for the info
Literally got you coming and going.😅
13 states including west virginia, kansas, missouri, utah charge taxes on Social Security taxes.
Tax and spend
MInnesota, too. Grrr.
I'm confused when I read the legal laws on SSI and SSDI it stated you don't pay taxes!? This is a tax free disability living trust fund.
You are collecting a Federal welfare check each month. Be grateful
Why are we paying taxes on our social security?
Short answer, SS needs the money.
The tax you might possibly pay on your SS benefit when doing income tax at the federal level is earmarked back to the SS fund, so don't feel totally horrible about where it's going....
This video misrepresents what Social Security is. SS is the original 401k program. It’s YOUR money. Although everyone uses the word tax, the SS deducted from your paycheck is NOT a tax, it is a 401k post-tax savings plan with employer matching funds. Currently, SS withholding is 6.2% for the individual with a 6.2% match from your employer (total 12.4%). The self employed must pay the entire 12.4% contribution. The employer match is not taxed when deducted from your paycheck. The only difference between SS and your 401k for tax purposes is that 401k deductions are pre-tax which means you will pay tax on interest earned and employer matching funds upon withdrawal. If you do make to much and your monthly SS is reduced, the money stays in your account. Taxes on SS withdrawals is not triggered until $25k of combined income (adjusted gross income + SS) on your federal tax return and that tax is 50% of SS received ($15k received, $7.5k is taxable income). If you have more than $34k of combined income on your federal tax return then SS income is taxed at 85% ($15k received, $12.75k is taxable income). Try to remember that SS was created to help low income people survive retirement and was last updated in 1983 to keep SS solvent for 50 years until 2034. As 2034 approaches, politicians keep kicking the can down the road and republicans want to eliminate any program that helps the poor and middle class.
Very informative, thanks!
It depends.
Eleven states in the U.S.- Colorado, Connecticut, Kansas, Minnesota, Missouri, Montana, Nebraska, New Mexico, Rhode Island, Utah, and Vermont - impose some form of income taxes on Social Security benefits, as of tax year 2022.
As to Federal Income Tax, only if your combined earnings from SS and a job exceed $25K for an individual or $32K filing jointly.
If you have no other income, Social security is NOT subject to Federal Income Tax all the way up to the maximum benefit you can receive. Saved you 9 minutes..
Dose the federal tax includ your total SS income or only half of your total SS income to get to the 25.000 mark
That's double Jeopardy on social security.
Seniors should get their big snouts out of the Federal welfare trough. Social Security is too expensive
@@websterhays8352 go to hell
@@malanalan1 Joe your comment is not helpful. Are you a Federal welfare mooch??Are you collecting an undeserved monthly check that is funded by the SS taxes our children are paying.
Social Security receptients have paid taxes during emoploymenmts. As it is insufficient, they have to work part time to making their living. There is no reason why they shoud be taxed when they do not get employment partime any benefits and are sucked out by employeres.
Don’t forget about state taxes on SS depending on where you live.
Social Security recipients are getting screwed two ways. By the manulipation of annual COLAs for lower benefits. And, and antiquated Social Security tax table that has never been adjusted for inflation.
Either the current workers pay more payroll deductions, or the current recipients get less. Who's screwing who?
We should not have to still pay for social security at all, we paid through our younger years, we have already paid for our share to the country, it should be tax free and Medicare low cost premium like few countries out there.
Bingo.
@@SandfordSmythe The system indeed needs additional income to finance the baby boomers through their lives. That’s precisely the reason this assessment was enacted back in 1983 per recommendation of the Greenspan bipartisan reforms. The only problem is that they didn’t index the 25k threshold for inflation. As a result, it’s capturing more and more low to moderate income beneficiaries. 25k was a considerable income in 1983.
@@abqneely I see your point on that.
Great presentation. I can understand why you are a Managing Partner.
Do 401k contributions impact the earned income penalty for example if you make $39k and eliminate it all via 401k and IRA. Also if you start collecting early and keep working will they increase as some zero years drop off the calculation?
Social Security was part of your income and taxes at the rate of 6.20 percent to you and 6.20 percent to your employers . IT Shouldn’t be taxed anymore.
How do you stop that???
You're so right. We've Already paid taxes on that. Its called DOUBLE DIPPING , which is against the law. But I guess they think they're ABOVE the law.
It's a dang shame the way they do us retired people!
But it is!!!
Franklin and the others placed that burden on American shoulders!!! They did not pay, themselves!!!!thieves!!!
I while heartedly agree. I guess we are still paying for $1000.00 plungers again.
My wife ‘s only income is social security check, less than 25,000. I ,the husband is collecting social security and still working. My total income is 48,000 . My question is; can my wife and I file tax return SEPARATELY? If we can, can I claim my wife as my dependent. I appreciate if you could give me some clarification. Thank you sir. You are really a big help to the seniors.
Yes, there is really no benefit for a couple to file taxes together anymore.
@@ericinla65 just a follow up question, Can I claim my wife as my dependent.? Thanks.
@@ericinla65 totally wrong
It is only VERY RARE circumstances that filing separate makes sense
@@rusan7186 no
@@g.t.richardson6311 thanks . I just don’t want to make a mistake
It's real simple, if you are single and your total yearly income is under $25k a year, you do not have to file a tax return, or pay taxes on your income. And if you only make about $15k a year, like I do, you most likely qualify for a lot of other government benefits. Like food stamps, a free phone from safelink, energy assistance, rent assistance, low income internet, and in my case, free medicaid and free prescriptions too.
The only thing I pay for are rent and my DirecTV. The apartment complex I live at has their own water supply, so I do not get a water bill. And Comcast has a low income internet program called internet essentials, that has $10 a month internet for people on low incomes. But right now the federal government is paying for it, so I also get my internet for free. In other words, it is great to be me, lol.
Do you have health insurance? You can't live off of Social Security either.
Pay tax on a benefit that you already paid for (past tense) in taxes from your earnings WHEN you worked, and NO LONGER WORK anymore?
That's paying the same taxation TWICE!
You didn't pay tax on the 6.2% contributed by the employer. The employer deducted the 6.2% as an expense so the rationale was taxing the benefit to recoup the untaxed employer contribution. If you add COLA adjustments to the social security benefits, COLA is adjusted as a percentage of the entire benefit (including the untaxed portion) so you are gaining money on the portion not taxed. So, the taxable calculation includes the untaxed benefit and the additional COLA benefit on the untaxed contribution.
Whew!, I think you need a social security benefits *advisor* like the gentlemen who posted this video very, very badly!
Hell yes we pay taxes on social security. You can thank Mr potatoe head.
Nope, Bipartisan under Reagan.
@@SandfordSmythe As it sits today, it's actually the result of several through the years... but they only signed off on it, it was passed by the House and Senate to get there to begin with...
The rationale for taxing Social Security is the portion of the benefit contributed by the employer has not been taxed and has been deducted as an expense from the corporate income tax. The SSI amount being taxed is allegedly to make up for the untaxed portion of the benefit contributed by the employer.
That's why only limited portions are taxed. 50% employer contribution or 85% including interest.
I’m waiting until age 70 to take “my” SS. I’m only 5 months away. However as I was born before 1-2-54, I qualified for a spousal benefit of 50% of their SS at my FRA. By waiting to 70, my benefit has increased 32%, or 8%, at 4 years from 66, FRA. Plus they’ve added inflation increases. My SS alone will be over $40K. I have a part time self employed job that pays $12K year. I have expenses, so some will be deductible. If I understand you, by waiting, my taxable income would be say $6K on job, 50% on SS, figure $21K. So that would be $27K combined? That would be until I reach 72. Then I have to start taking RMD’s out of my IRA. I don’t pay state taxes on SS. So should I start paying quarterly estimates on the approximate $27K income in 2024, as I’ll only receive my benefits this year for 4 months? Also do you know about the 6 month “back pay” SS offers? In my case it would be paying me 6 months up front from 70th birthday’ less $100 per month, or over $20K. However that would reduce my SS benefit that $100 per month, or 4%, from then on. However I figure it would take over 12 years to break even, or live to 82. I’m wondering if I would get the full $20K in addition to the spousal benefit I received up to 70th birthday, or would the spousal benefit be deducted from 6 month back up?
No taxes for me on fixed-income on social security disability insurance policy
Not necessarily. You have to do the work sheet.
I'm not going to do that I'm going to still work until I can't anymore that's what I'm doing I know that if you take it early then you're not going to get anything after I know that study the guidelines and thank you very much hope you had a very happy holiday Happy Thanksgiving thank you for sharing your video
They claw for sure what a shame it is that you work so hard and they claw and claw. But I thank you for taking the time. I wanted to find out what the tax rate would be for retirement in the state of nm you cant find any help from anyone and when you call the Internal Revenue too much bs waiting time for someone to answer..
Hi John , I am on Social Security Disability, do i need to gile taxes?
But what is your head of household? Why just put single? Doesn't taxes have something to do with when you are at full retirement age?
Only if you are american citizen living abroad and drawing foreign source income triggers a tax and reporting requirement. Social security taxes fall under title 26, subtitle C of the code of federal regulations.
Great information
what does "Up To" mean? Suppose my Combined income is $26000 and I am a single person then 50% what is taxable? 50% of $1000 ($26000 - 25000) or 50% of $26000 ?
The first 25,000 of your combined income is non taxable. So, 50% of the other $1,000 would be added to your other income .
I wonder if there is any way to make this more complex.
Oh gads don't ask.
You got screwed because after all that paperwork, many are tired when they have to read the fine print!!!
They write all the relevant stuff there!!!
Volume on this video is all over the place
People in the lower brackets like the $25,001 can't afford to pay taxes again on their social security. Those people can barely survive as it is. This is not only wrong on all levels, but it's thievery!! For me, I am so confused about all this. I have no head for taxes, or numbers. I'm a widow. I had to take early retirement on my husband's social security due to health issues. I didn't work anymore after that because of my health. So, now, with little coming in, I'm going to have to pay taxes on this again? Just shoot me please!
I completely agree this is insane. What ever happened to the double jeopardy law that says you cant be taxed twice on the same earnings?? I give up this is just insane $25,000.00 is nothing it's barely enough to live one these days and now they're going to tax me if I work a part time job and make more than $7,000.00 in an entire year?? This is deliberate oppression and marginalization of lower income class people. They are purposefully keeping us in poverty. I didn't know about this until just now. I thought how the hell can they tax you on a tax you already paid?? I didn't believe it was real. Luckily I only made $4500.00 last year but even so that puts my income for the year at around $22,000.00 but that's gross. I paid taxes on the $4500 when I made it and we pay $170/mo on Medicare premiums that are deducted from our checks. So the actual amount of money that I made my net income is $18 and change.. And now I come to find out that my personal belongings that I sold on Ebay just to afford food last year is taxable as well??? WTF??? This is B.S. something needs to change immediately they need to adjust those income numbers. I get SSDI and I've tried and tried to go back to work part time and keep a part time job but I keep getting sick and have to stop working now I can't work at all anymore my issues are degenerative and terminal. I'm so done with worrying about money I wish I would just die now. But that's what they want us to do. They want us to die. They're trying to oppress us and make us food insecure and make us keep downgrading our living conditions until we just give up.
@@bam8467 The Lord provides for me. Even though I don't make enough SS to support myself well, the Lord gives me enough to suppliment my income. So, I do fine. It's just wrong to double tax us. If the Lord wasn't giving me the help I needed, I'd be in real trouble. Please trust in the Lord to provide because He will. I will pray for you hun.
No one of any income should pay SS tax at retirement. It’s just wrong
We don't paid taxes on social security in Texas
Most states don't tax SS. Does Texas even have an income tax? Federal taxes are a possibility for SS, depending on other income. I just ran the numbers. In 2021, if single and you drew the absolute maximum SS benefit of $4194/mo and that was your only income, only $82 of it would be considered taxable income. You could earn another $775/mo before you would every have taxable income, due to the 12550 standard deduction and 1700 over 65 deduction, but then, the taxable amount of your SS would increase to $4894, but you'd have a total tax free income of just under $60,000.00 / yr.
Texas does not have an income tax, as you stated.
I don’t mind (very much) having to pay taxes on my SS benefit, but what I do mind is that the rates haven’t changed for inflation and have stayed the same since Reagan signed it into law in 1983.
You don't mind paying taxes twice on your earnings?....most would....income tax is unconstitutional to begin with.
@@MrGarymola "very much"
@@MrGarymola You are being taxed on employers' contributions and interest. This is common in private annuities.
Go and complain to Ronnie!!!
@@MrGarymola hahahaha
That's not right! Why do we Have to post texts twice? That makes no sense! That should be illegal
heres another question..does al sharpton have to pay taxes on his social security?
If my wife starts collecting early now (I'm still working) based on her benefit, is she locked in at that rate or will it increase to 1/2 of my rate (which is higher) when I start collecting two years from now?
BTW. Thank you. This video answered my other 2 questions.
Can you tell us how SSDI is taxed?
no we paid on the income once already
You didn't pay the your employer's contribution and the interest. Right?
How do I request legal help with assist that might be unknown but a SEC account shows injury growth.
So that means if ur monthly 1900 then u have to pay each month 700 dollars
let's say i retire in thailand im going to have the IRS with hold money to cover my taxes how would i file when living abroad
We work we pay tax now we have ss we have to pay tax again, so what about the money that goes to other COUNTRIES!
Does that earned income include dividend interest income from mutual funds or stocks?
Yes, because investment income is included in your AGI.
@@greenbushfinancialgroup Thanks. I'll reposition as much as I can into the ROTH amount.
Taxes were paid before SS was taken out of my pay check I owe nothing . PERIOD !!
You didn't pay tax on the employer's contribution
SS GETS TAXED FOUR TIMES
CAN DEM DO WHAT REP COULDN'T DO
For seniors REINTRODUCE support - Senior Citizens Tax Elimination Act
To amend the Internal Revenue Code of 1986 to repeal the inclusion in gross income of Social Security benefits.
See if millionaire senators really want to help senior citizens. REALLY?
Moved to Nevada !! Pensions aren’t taxed either
If you are no longer working for income, I think no tax on ss benefit.
It really doesn’t matter whether you work for the income or collect it from investments. If you have income other than from Roth IRAs you have to use it to figure up if your Social Security is taxable.
I spent 40 years selfemployyed paying double SSI by matching my own SSI didn't get extra time of retirement.
I've been getting SSDI for at least 38 yrs now...never pd taxes.is that O K???
Missing: you get the penalty on early benefits back, right? I read the instructions several times and asked about it. The claw back is temporary and they say DOES NOT REDUCE your total benefits - it delays them to FRA. You get them back later when they may not buy as much, but it’s a small risk depending on how much you are earning.
When I hear advisors talk about claiming SS at 62, they never appreciate/mention the opportunity cost of waiting to claim devalued currency. I made the choice to take every cent I can as soon as possible and invest for inflation protection and I’m really glad I did. The COLA is always under stated. By working while collecting I had a bump in discretionary income for five years that I put into my Roth to buy precious metals and other inflation hedges.
Hi Sandra. You are correct that if the income penalty is assessed, social security refunds you the penalty amounts at your full retirement age. But the refund process is a little dicey. We wrote an article on this topic
www.greenbushfinancial.com/all-blogs/social-security-income-penalty-refund (Comment is for education. Not advice)
you don't have to pay taxes on social security it was tax every week while you were working all your life these people don't know what they are talking about and one reason you don't have to pay taxes you can't file a income tax return.
i have been retired now for seven years and collect social security and I have not paid taxes on my social security and the irs does not take taxes out of your social security
If Social Security is your only income then none of it would be taxable anyway so no need to file a tax return. But if you have substantial other income , in other words enough to require you to file , then some of your benefits would probably be taxable. Since taxes are typically filed online these days through something like TurboTax, the tax would be figured for you automatically and you might not even realize it. The information presented in the video is accurate though.
So only half of your total SS income is included in your total taxable income? Do I have that right?
Correct, half of your SS benefits is including in the calculation (comment is for education. Not advice) #gfg
What happened I don't work I received only one about 200.a months that only money I have. My
Husband worked. Do you think I have to pay my s. S.
Isn’t that called double taxation
Yes it is. Courtesy of Ronald Reagan.
You missed 'married filing separately'; treated much differently than 'other taxpayer' column. You skip lines 8-15 on calculation sheet and get no benefit from the $25000 threshold. The full 85% of social security benefits are then considered as taxable income [or close to]. For me, adds about 500% to 600% over the final tax I would pay as a single man using that $25000 threshold. I was told filing separately would result in a similar tax as filing single. BIG LIE. We probably would not have gotten married if we had known this [costing us thousands annually now]. the injustice kills the human spirit.
I draw ssdi and get 2204 but it’s for me and my 3 kids they get checks to but that’s mine and there’s combined so I need to file taxes taxes
I was penalized for 49 % for Medicare premium, they said I didn’t enrolled during the age I turned 65 years old. I did. SSA took monthly premium 2005. Now my Medicare monthly premium is $255 . I only receive $11 or $ 4.55 a month because the Medicare monthly premium got my benefits most.
You mean 65 before 3 months your birthday Can be Sep or October 2021, or 3 months after which could be in January 2022 or if I am wrong or it has to be during enrollment period which
is Oct through December 7 2021 and not on next year 2022 Too many rules.
And you pay the penalty for life.
@@rosablevins9067 you have to enroll in Medicare within a 7 month period surrounding your 65th birthday. 3 months before, the month of your birthday, and 3 months after. So , if your birthday is in say, August, you could sign up during May through November and there would be no penalties.
Slavery in disguise
Hell yeah Air will be next
@chris etzkorn…..That’s basically part of what carbon taxes are. If people pay that, they are absolutely stupid!
What if you don’t make any other income other than SS benefits. Do you still owe taxes ?
If your only income is social security, there is a high probability that you will not have to pay tax on it at the federal level. (Comment is for education. Not advice)
Thank you.
Oh my goodness! This should really be titled "don't kill the messenger!" Thank you so much for this information. I really appreciated your charts and your information on SS. It's a shame Uncle Sam has to get his hands on this hard earned money, especially for those that live on such a limited budget! Two things that are for sure! Death and Taxes!
How is it a "benefit" if it's your money in the first place?
Your definition
Most don't pay any federal tax and many states don't tax retirement
where did you get that info?
@@royharper2003 It is publiy knowledge now been published so mant times
I'm a widow and my husband died and not living assisted living I only get about $900 a month on me and him and will I have to pay taxes
YES
Does people on ssi have to do a tax return
Not enough income.
My sister Yolanda Vera have not got back her social security benefits i been complain to social security office in Houston the Senators in Washington and told that she needs back this year that truth
do you half to file takes if you get ssi and survivor benefits
It depends on your income level (comment for education. Not advice)
Doese Ohio get more money that's on ssi ??
What about when a widow?
If you retire early at age 62 and you make more than your allotted amount. Then you’re penalized once you turn age 67 do you receive that penalize money’s amount back?
We have a whole video dedicated to just this topic: th-cam.com/video/0Me8wlU2B4w/w-d-xo.html (Comment is for education. Not advice)
@@greenbushfinancialgroup9:30
I've written to to my Rep and 1 Senator about the tax on SS income. Heard nothing. I'm near the top of the 12% bracket and if I sell a mutual fund, I'm supposed to be in the 0% bracket. But since more of my SS becomes taxable, it isn't truly 0%. Fortunately I keep track of all my taxable income and can game the system fairly well. Next year with the RMD, it will be a bit tighter. I've done some QCD's since I became 70.5 yr old, but with the RMD, I'm stepping that up some. It is the only true tax break that is available to me. Guess I didn't have to watch the video, but I enjoy learning about this subject.
I can't get any information about anything that concerns SSI
You and everyone else will never receive any answers!!! Guaranteed!!!
That sounds like double JEOPARDY
This is absolutely hideous.. We made a living wage and PAID taxes on this money once already. So why do we have to pay taxes a second time ? Sounds like why our forefathers left Europe years ago.
You didn't pay taxes on the half your employer paid in, and you would only ever have to pay taxes on a max of 85% of it if you were already pretty wealthy, but most pay 0% or on a very small percentage of the SS earnings.
It does not make sense at all, I always noticed on my pay stub deduct, my employer it was taking a lot from my paycheck, so how could that be?
@@rosablevins9067 Your politicians at work my friend
Crooks period
Tip O’NEIL 1982. Saving a failing system. Don’t tax me, don’t tax they. Tax the man behind the tree.
You didn't mention the penalty for early retirement if your income is from Self employment?
I make less than $25,000 but get about $258 a year (2022) interest on a money market acct that I claim. No other income. I currently have 7% tax taken out of Social security. My question is should I stop having taxes taken out because I’m below $25,000?
They only count 1/2 of your Social Security in figuring up your combined income. If this is your only income then you don’t owe any tax. No need to have anything withheld.
Quadruple plus. 40% when earn, when withdraw when die sales tax 6-7 depending on county
@@ronald1111 yeah there are a lot of different taxes. More than most people realize. But income tax is pretty straightforward. If a person’s only income is Social Security, they don’t have to pay income tax on it , at least at present.
Quadruple
@@ronald1111 congratulations! If you are paying a great deal of taxes you must be making a LOT of money!
Isn't that what they call double taxation
Yes, it is double taxation indeed!!!
@@dvdortiz9031 You weren't taxed on your employer's contribution or the interest.
@@SandfordSmythe the employer's "contribution" comes from the profit he made from my work and yours!!!
if i can, i am not willing to pay tax because there is no return to my payment.
Is the medicare taken out considered or deducted for tax??
Medicare premiums are only deductible if you are self-employed or your itemize deductions on your personal tax return. In recent years, most taxpayers don't itemize due to the SALT caps and higher standard deductions. (Comment is for education. Not advice)
@@greenbushfinancialgroupI think they were referring to taxation of their Social Security benefits. Asking whether you can deduct the premiums for Medicare from your benefit before using the resulting figure to determine combined income.
So my ss income is 26k I owe half back to social security taxes??? Meaning my Social security only pays me 13k per year crazy...
You are getting a Federal welfare check. Stop complaining.
No, you just use 1/2 of your Social Security to figure up your combined income. Then you use that figure to see if any of your benefits are taxable. If Social Security is your only income then none of it would be taxed.
Double taxation
No quadruple tax. 40% income,sales, death etc
Why doesn't social security just deduct taxes out from my social security income?
You can voluntarily ask them to deduct fed tax out of your SS benefit (Comment is for education. Not advice)