Sentences with phrase «if social security income»

This case settles the question if Social Security income can be required to be paid into a Chapter 13 plan, establishing that... Continue reading →

If your Social Security income, any pension payments, home equity reserve, etc. would be enough to cover most of your expenses even during a prolonged market downturn, then maybe you can afford to tilt that baseline mix more toward stocks.

Not exact matches

If you do claim Social Security benefits early, chances are you will take money from another source to make up for that lost income, Myers said.

That is, if you're buying a pair of sneakers online, there is no reason that a business should be asking for your birth date, social security number, annual income, copies of your ID or credit card, and so on (you'd be surprised by how many online businesses ask for these things).

Because Social Security benefits are based on your past 35 years of earning, it is important to return to work if possible to offset past low - income years.

If you're like many retirees, your Social Security checks will account for a large portion of your retirement income.

More from Fixed Income Strategies: If you're lucky, this retirement expense will be just $ 280K How to decide if you should delay claiming Social Security Hidden tax benefits for retirees and their caregiveIf you're lucky, this retirement expense will be just $ 280K How to decide if you should delay claiming Social Security Hidden tax benefits for retirees and their caregiveif you should delay claiming Social Security Hidden tax benefits for retirees and their caregivers

If you work for a boss and receive a W - 2, your income and Social Security / Medicare taxes are automatically withheld from your paycheck.

We need it to happen right now, even if that means raising taxes on high incomes or removing the salary cap in Social Security taxes.

If your debt is sent to the Treasury Department, you should be aware that they can collect using intrusive recovery methods, which include garnishing your wages, Social Security benefits or other retirement benefits, offsetting your bank accounts, and withholding any federal income tax refunds.

On the other hand, if you rely mostly on Social Security income with only supplemental income from a pension or retirement account, your tax bill will be fairly low.

If you choose this route, your cosigner will need to provide his or her date of birth, address, phone number, email, annual income, employer's name and number, Social Security Number and NFCU access number.

On the other hand, retirees who rely on some combination of Social Security, retirement account income and public pension income may have a larger tax bill, especially if they have income in excess of $ 30,000 per year.

To determine if your Social Security retirement benefits may be taxable, combine one half of your annual Social Security income with your income from all other sources.

Social Security retirement benefits are generally only taxable if you have income from other sources and your total income exceeds a certain level.

If you (or your spouse) are a non-citizen with an Individual Taxpayer Identification Number (ITIN) instead of a Social Security Number (SSN), you will not be able to claim the Earned Income Tax Credit.

This strategy potentially makes most sense if you have a relatively high proportion of your retirement savings in taxable accounts and a lower amount of Social Security, pension, or annuity income.

Tax filers who qualified for less than $ 300 of the full basic credit ($ 600 for joint filers) could get $ 300 ($ 600 for joint filers) if they had either (1) at least $ 3,000 in earnings, Social Security benefits, and veteran's payments or (2) net income tax liability of at least $ 1 and gross income above specified thresholds.

During retirement some of your income should be fixed if you're entitled to social security or another European equivalent.

Social Security Many people are surprised and perhaps a bit outraged to learn social security benefits may be taxable, but if you have any other additional income, there is a good chance some of your social security will be Social Security Many people are surprised and perhaps a bit outraged to learn social security benefits may be taxable, but if you have any other additional income, there is a good chance some of your social security will bSecurity Many people are surprised and perhaps a bit outraged to learn social security benefits may be taxable, but if you have any other additional income, there is a good chance some of your social security will be social security benefits may be taxable, but if you have any other additional income, there is a good chance some of your social security will bsecurity benefits may be taxable, but if you have any other additional income, there is a good chance some of your social security will be social security will bsecurity will be taxed.

If our records show that documents proving age or citizenship / lawful alien status have already been submitted for an earlier Medicare or Social Security claim (such as Disability, Supplemental Security Income, etc.), you do not need to submit the documents again.

In fact, if you're an officer of a C - corporation or the owner of an S - Corporation, you're legally required to receive a regular salary with withholdings for Social Security, Medicare, and federal and state income taxes.

If the combination of your Social Security benefits and other income is below $ 25,000, your benefits won't be taxed at all.

If your only consideration is maximizing your monthly income from Social Security, delayed retirement credits could make waiting to claim until 70 smart.

You won't need to pay federal unemployment taxes if you hire your spouse or parents, and you may not have to withhold income taxes and Social Security if your children work for you.

If your combined income exceeds $ 44,000, then up to 85 % of your Social Security benefits could be taxed.

If your combined incomes exceed $ 34,000, then up to 85 % of your Social Security benefits could be taxed.

If so, you need to be aware, if you've begun taking Social Security benefits, of how your Social Security income may be taxed — and the earned income thresholds that determine the level of your taxes and any reductions in benefitIf so, you need to be aware, if you've begun taking Social Security benefits, of how your Social Security income may be taxed — and the earned income thresholds that determine the level of your taxes and any reductions in benefitif you've begun taking Social Security benefits, of how your Social Security income may be taxed — and the earned income thresholds that determine the level of your taxes and any reductions in benefits.

So if you have not worked much over the years and are trying to earn Social Security credits, try to make a minimum of $ 1,300 in income each quarter until you have your full 10 years in.

See what happens to your future retirement security if you add income from a retirement job, delay Social Security or tap into homesecurity if you add income from a retirement job, delay Social Security or tap into homeSecurity or tap into home equity.

However, since Social Security is primarily meant as financial assistance for retirees, you can be penalized if you earn too much income while receiving Social Security payments.

If you rely on Social Security income to cover costs, it might be time to tighten your belt.

For example, if one year you have $ 30,000 in retirement income (not including Social Security) and $ 5,000 in capital gains, you will pay a 6 % state tax on those capital gains, in addition to the 15 % federal capital gains rate.

People want to insure their future and they know that if they are depending on Social Security benefits, and in some cases retirement plans; that they may be in for a rude awakening when they no longer have the ability to earn a steady income.

If you're married filing jointly and taking Social Security benefits, and you have between $ 32,000 and $ 44,000 in combined income, you may have to pay taxes on up to 50 percent of your Social Security benefits.

How much will you get if you claim Social Security benefits based on your spouse's income?

Bone said that many of his clients believe that if they divorce, they are disqualified from getting Social Security benefits based on their ex-spouse's income.

Your survivor benefits might be impacted or eliminated if you remarry, if you become eligible for Social Security benefits on your own income or if you receive a pension not based on work covered by Social Security.

While it's true that some people don't have to pay taxes on their Social Security income, benefits are taxable if you have, in the words of the Social Security Administration, «other substantial income.»

If half of your benefits plus your other income exceed $ 25,000 ($ 32,000 if married, filing a joint return), then 50 percent of your Social Security benefits are taxablIf half of your benefits plus your other income exceed $ 25,000 ($ 32,000 if married, filing a joint return), then 50 percent of your Social Security benefits are taxablif married, filing a joint return), then 50 percent of your Social Security benefits are taxable.

An income annuity may be the right choice for you if you have a need for guaranteed lifetime income; you know your retirement expenses won't be covered by other income sources, such as Social Security; and you have assets outside of the annuity to cover unexpected expenses.

If they are, you will need to complete the application with information about your employment status, income, address, housing payments, Social Security Number and other personal information.

Many also offer ancillary services, such as investment education, assistance with annual tax return preparation, Social Security and retirement income planning, as well as one - off custom requests from clients — all of which could cost thousands of dollars if purchased à la carte.

Regardless of your income, if you're counting on Social Security alone to maintain your lifestyle in retirement, you'll be disappointed.

J.W There are many deductions you can not take if you file married filling separate: Student loan interest deduction,Tax - free exclusion of US bond interest, Tax - free exclusion of Social Security Benefits, Credit for the Elderly and Disabled, Child and Dependent Care Credit, Earned Income Credit, Hope or Lifetime Learning Educational Credits, MFS taxpayers also have lower income phase - out ranges for the IRA deduction Also both claim the standard deduction or both itemize their deductions Big problem is tax liability goes to both husband anIncome Credit, Hope or Lifetime Learning Educational Credits, MFS taxpayers also have lower income phase - out ranges for the IRA deduction Also both claim the standard deduction or both itemize their deductions Big problem is tax liability goes to both husband anincome phase - out ranges for the IRA deduction Also both claim the standard deduction or both itemize their deductions Big problem is tax liability goes to both husband and wife

If they set up foundations before they die, they will create a propagating, everlasting, taxable income stream that will pay for socialized health care, create jobs and rebuild social security.

(B) his waiver of all benefits and other payments under titles II and XVIII of the Social Security Act on the basis of his wages and self - employment income as well as all such benefits and other payments to him on the basis of the wages and self - employment income of any other person, and only if the Commissioner of Social Security finds that --

To assess if this overreporting on income taxes occurs because people consider payroll taxes as income taxes, we asked, «The federal government taxes people specifically to pay for Social Security and Medicare.

It is worth noting that while people under age 65 in the U.S. live in a heavily market - dominated economy where poor employment outcomes mean poverty and a lack of access to health care, almost everyone over age 65 has most of their healthcare paid for by Medicare, (a FICA tax financed, single payer system that pays providers more or less the same rates as private insurance companies and has few cost controls), more than half of their nursing home costs paid by Medicaid, (which is stingy in how much it pays providers and moderately means tested), and receives enough of a guaranteed income from the combination of Social Security and SSI payments to keep the poverty rate for people age 65 +, (even if they have no retirement savings of their own), above the poverty line, regardless of the state of the local economy.

He did not say that Social Security could be solvent for another 75 years if the payroll tax income cap of $ 100,000 was lifted, or eliminated.