Sentences with phrase «before social security tax»

Some items reduce your gross pay before social security tax is calculated.

Not exact matches

Some people are already retired before they figure out that Social Security benefits are not always tax - free.

While I believe in do - it - yourself saving while young, it pays to see a trained financial planner before retiring to make sure you have adequate savings, that you have timed retirement to maximize Social Security, and that you will withdraw your funds in a tax - efficient way.

(Note: Social Security payout figures are in today's dollars and before tax; the actual benefit would be adjusted for inflation and possibly subject to income tax.)

Before making any decisions, be sure to check out the Social Security Administration's website at: www.ssa.gov and consult with your qualified tax advisor.

For example, he was quite explicit before he was elected about supporting a big tax cut and the partial privatization of Social Security.

While there is an exemption amount before social security is taxed, this exemption amount is not indexed for inflation and will affect more and more people.

Before the agreement, employees, employers and self - employed persons could, under certain circumstances, be required to pay Social Security taxes to both the United States and Italy for the same work.

Some people are already retired before they figure out that Social Security benefits are not always tax - free.

The moral of the story is, plan ahead (such as converting some tax - deferred income into non-taxable income before claiming the Social Security benefit) to minimize the chance of the Social Security benefits being taxed.

Before you do anything, consult a financial adviser on the tax and social security implications, and speak to family and friends.

Two single people could each earn $ 25,000 (or $ 50,000 combined) before they have to pay tax on their Social Security benefits.

They can earn much more before their Social Security benefits are taxed.

Gross Wages for the Caregiver: $ 29,000 Social Security Taxes: $ 1,798 Medicare Taxes: $ 420.50 Unemployment Insurance Taxes: $ 258 Total Employer Taxes: $ 2,476.50 Total Cost (before tax breaks): $ 31,476.50

We encourage you to consult with your financial adviser and legal or tax adviser regarding your individual situations before making investment, social security, retirement planning, and tax - related decisions.

Parents and other relatives helping with student loans, such as grandparents, should note that up to 15 % of Social Security benefits — and 100 % of tax refunds — can be withheld to pay off student loan debt (see Seniors: Before You Co-sign That Student Loan).

For this decision, your income is your average gross income (i.e. income before taxes) for the last six calendar months, excluding any benefits under the Social Security Act.

If your employer erroneously withheld too much Social Security taxes from your pay (for example, more than 4.2 %), you should ask your employer for a refund of the overpayment before filing a tax return.

We encourage you to consult with your financial adviser and legal or tax adviser regarding your individual situations before making investment, social security, retirement planning, and tax - related decisions.

We encourage you to consult with your financial adviser and legal or tax adviser regarding your individual situations before making investment, social security, retirement planning, and tax ‐ related decisions.

They'll ask you for personal information (name, address, telephone number, Social Security number, etc.), a ton of paperwork, call your employer, request your tax transcripts from the IRS and conduct a final credit check before you're fully approved.

Some part - time jobs will be the same way — the employer will deduct state, federal, and any local taxes, plus social security before you get your check.

Gross monthly income (before taxes) may include overtime, bonuses, tips and commissions and other income the family may receive such as child support, supplemental security income (SSI), social security administration (SSA), unemployment payments, etc..

The employee tax rate for social security is 4.2 % on wages paid and tips received before March 1, 2012.