Sentences with phrase «social security taxes during»

This assumes that your ex-spouse was paying Social Security taxes during that time.

Benefits are paid according to how much a worker contributed in Social Security taxes during his working years and the age at which he retires.

People retiring today are part of the first generation of workers who have paid more in Social Security taxes during their careers than they will receive in benefits after they retire.

Not exact matches

In the olden days, voters during presidential races would get into heated arguments over such amusingly quaint topics as tax policy, health care, and the future of Social Security.

If you worked for a federal agency during those years, you did not pay Social Security tax on your earnings and those earnings are not shown on your record.

If the Social Security Trust Fund runs dry sometime during the next 30 years as projected, revenues from tax collections would be sufficient to pay only about three - fourths of scheduled benefits.

During retirement phase, investors» federal tax bracket is determined by the withdrawal amount together with $ 20,000 inflation - adjusted Social Security payment each year, subject to additional 5.2 % state tax.

During the first ten years of the system, the ratio of workers paying Social Security taxes to beneficiaries was more than 40 to 1.

Major issues during the 2015 legislative session included a budget deficit estimated at $ 200 million, social security tax reform, a structural deficit expected to reach $ 400 million by 2019, education funding, and ending homelessness among the state's veterans.

On social security, Mittman has said during debates that he supports raising the social security tax cap.

Lancman claimed Crowley opposes lifting the Social Security tax cap and cited a May 24 debate during which Lancman claimed that Meng said Social Security funds were in no danger of running out soon.

One of the key aspects of the $ 447 billion proposal would be the implementation of a $ 175 billion program to cut payroll taxes in half for all working Americans during 2012 through a slashing of contributions to Social Security taxes.

«Economic stabilisers» are social security payments, and wage and housing subsidies (tax credits and housing benefit) that rise when labour markets are weak and wages stagnate during economic crises.

Topics such as personnel management, tax, social security, work laws, etc. had not been on my curriculum during my studies in Rostock and Munich.

you paid Social Security taxes on your earnings during the last 60 months of government service.

Employers withhold and submit Social Security taxes from wages during your career.

Add all of the numbers in Box 4 together to determine the amount of Social Security tax withheld during the year.

The Social Security tax applies to your wages and your net self - employment income you earned during the tax year.

During my time working at the tax office, I saw numerous correct tax returns get rejected by the IRS for small mixups and incorrect Social Security numbers.

If your spouse is an exempt individual pertaining to the substantial presence test for 2009 or if your spouse does not have a green card at any time during 2009, your spouse may still be treated as a nonresident alien for the purpose of withholding social security and Medicare tax.

If your spouse has a green card at any time during 2009, during that time your spouse will be a U.S. resident alien under the green card test and your spouse's pay will be subject to the social security and Medicare taxes.

The amount of your benefits depends on the number of years you (or your spouse) worked and the amount of Social Security taxes you paid during your career, which is based on how much you earned each year.

During any calendar year in which your employer pays you more than a specified amount — $ 2,000 in 2017 — he or she must collect and pay Social Security and Medicare taxes on your behalf.

The broadly touted benefit of using the tax - free municipal bond income during the retirement on the TV commercials may cause your Social Security benefits to be taxed.

In addition, a person needs to file an income tax return if she sold her home during the tax year; owes taxes because of a retirement account from distributions or excess contributions; or owes Social Security and Medicare taxes on tips not reported to an employer or on wages for which the employer did not withhold taxes.

Second, delaying Social Security will allow you to keep your tax rate low during the initial retirement years.

For example, if you were self - employed for some portion of the tax year and earned more than $ 400.00 during that self - employment, you will have to file a federal tax return and pay the necessary self - employment tax (Social Security and Medicare).

During 2003, the Treasury received $ 544 billion in Social Security taxes and paid out $ 406 billion in Social Security benefits.

How much you will receive from Social Security during retirement, to the caps on payroll taxes to fund future benefits are...

Social Security Recipients: If your filing status is Married Filing Separately, and you lived with your spouse any time during the tax year, you may not be able to exclude any of your benefits.

Looking at numbers from an Urban Institute study, the AP found that a married couple retiring in 2011 after both spouses earned average income during their lives paid total Social Security taxes of $ 598,000.

Then during retirement, you can have a different tax rate in every year (even for the Social Security tax inclusion rate).

Keep in mind that the Social Security Administration (SSA) places a time cap on how long you have to report self - employment income, and you can typically only get credit for self - employment income that is reported within 3 years, 3 months and 15 days after the tax year during which you earned the income.

During his tenure, CBO assisted Congress as they addressed numerous policies — notably the 2003 tax cuts (JGTRRA), the Medicare prescription drug bill (MMA), and Social Security reform.