Sentences with phrase «taxes into the social security»

Social Security is based on a simple concept: While you work, you pay taxes into the Social Security system, and when you retire or become disabled, you, your spouse, and your dependent children receive monthly benefits that are based on your reported earnings.

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.

For instance, we can (and assuredly will) radically change social security benefits to future retirees and stop limiting the income level at which taxes are paid into the system.

Be mindful of withdrawals bumping you into a higher tax bracket, affecting taxes on Social Security benefits, and triggering capital gains taxes.

If you work for a religious organization that doesn't pay into the Social Security program, you must pay Social Security taxes if your earnings are more than $ 100 per year.

The largest chunk is in federal income taxes, which does not includes payments into the Social Security and Medicare systems.

Keep in mind that this income increase may push you into a higher tax bracket and may impact the taxes you pay for your Social Security or Medicare.

Social Security, in my opinion is the scourge of the middle class — imagine how much more wealth the middle class would have if all of those withholdings had gone into tax - free 401ks invested in mutual funds.

It really sucks to open up that Social Security statement, and look how much I have earned and paid taxes on since I was 15 years old and through my military years and into the private sector.

If you are 55 or under and hope to enjoy some of those benefits you have been paying into from your paychecks for the last 30 years, of which the Government has borrowed 5 trillion dollars for other spending such as defense and tax breaks for the rich, which is why the current social security system is in jeopardy, then you will be voting for Obama.

Reforms such as higher taxes, lower benefits and delayed retirement are designed to put Social Security on a firm financial footing, so that the sheer passage of time does not force future payees and retirees into a crisis that would severely hurt both groups.

Whereas 3.2 persons» payroll taxes now support each elderly pensioner, the decline in the birthrate ensures that for every pensioner only three or perhaps two persons will be paying into Social Security in the years when today's workers arrive at the age to collect their pensions.

The government has revealed in answer to a parliamentary question that 200,000 children will be pushed into relative income poverty by its bill to cut social security benefits and tax credits in real terms.

Consider that the «sweeping» of all those excess regressive payroll taxes people have been paying since 1983 to «Save Social Security» into the federal general fund is the biggest sweep of all.

If an individual pays $ 3,700 per year into the Social Security trust fund but simultaneously draws a net $ 25,000 per year (benefits minus taxes) out of general government revenue, the solvency of government has not improved.

He did not mention, as far as the video shows, that 28 % of American workers DO pay payroll taxes, which goes into Social Security and Medicare trust funds.

Mayor Bloomberg is proposing to replace JTPs with WEP workers, which would force people on public assistance to work for their benefits without a pay check, without paying into social security, no union membership, and no qualifying for earned income tax credit.

The supposedly populist candidate — who won re-election promising to tax the rich, protect Social Security, and make the economy fair — has morphed back into an invaluable ally of the economic elite.

While teachers pay only 5 percent of their salaries into the PSRS — far lower than the 14 percent paid by teachers in the statewide plan — they also pay Social Security payroll taxes, unlike peers in the state retirement system, who do not participate in Social Security.

So he was saying he was like, well, if Donald Trump made as much money as his campaign says he did, he would have stopped paying Social Security taxes 40 minutes into the year.

So right now we pay Social Security tax, or FICA tax, into the OASDI fund, up to your first $ 127,000 of earnings.

First of all, Social Security taxes are not the only money flowing into Social Security.

For example, it's not enough that we see your social security deposit into your bank account, and on your tax returns, we still need to see the award letter, and the 1099's.

Distributions you take from a Roth IRA don't count as «tax - exempt income» that goes into the calculation of how much of your social security benefit is taxable.

The interest is reported for information purposes only and does not enter into the computation of any tax that is due, except as discussed below with respect to the Alternative Minimum Tax and the Taxation of Social Security Benefitax that is due, except as discussed below with respect to the Alternative Minimum Tax and the Taxation of Social Security BenefiTax and the Taxation of Social Security Benefits.

The largest chunk is in federal income taxes, which does not includes payments into the Social Security and Medicare systems.

If you work for a religious organization that doesn't pay into the Social Security program, you must pay Social Security taxes if your earnings are more than $ 100 per year.

✓ Social Security and / or pension benefits won't cover your regular expenses ✓ You're over 45 but not too far into retirement ✓ You've accumulated between $ 250,000 and $ 5 million in retirement savings ✓ You have average or above - average health ✓ You're seeking greater certainty in retirement and more of an insurance product ✓ You'd like to reduce your Required Minimum Distributions and defer associated taxes

Don't forget to take into account the rules that require many people to pay tax on a portion of the social security distributions they receive in retirement.

The amount of the WEP benefit reduction depends on the year you turn 62 (eligibility year) and the number of years in which you had «substantial earnings» and paid into Social Security, with the maximum reduction potentially applying for those who paid Social Security taxes for 20 years or less (see table).

If you have the entirety of your retirement income coming from taxable sources such as traditional IRAs, annuities, 403 (b) plans and traditional pensions, you could inadvertently push yourself into a higher tax bracket and render a portion of your social security income taxable.

In [Ghilarducci's] proposal, employers and employees would be required to invest a combined 5 percent of a worker's income into a program administered by Social Security and would also get an annual $ 600 government tax credit, adjusted for inflation.

If you're not going to be paying money into Social Security, it makes sense to invest that money in some form of tax - advantaged or tax - sheltered retirement account to ensure that you still have some income in retirement.

Tax planning should be a long term strategy that takes into consideration the timing of Social Security benefits and pensions.

The advantage is that money that goes into the account avoids both income and Social Security taxes.

AC: And in some cases, we see people in higher bracket markets because they have Social Security, maybe they have pensions, and maybe they did a good job saving, and now their required minimum distributions push them into higher brackets, and those are folks that desperately would prefer or would have liked to have some tax diversification.

If you find you have more questions on Social Security issues, a certified financial planner can help you run through various scenarios taking into account the income streams available to you, ongoing investment returns, taxes and other parts of retirement planning.

And, you can also have your Social Security payments and your tax returns directly deposited into your account as well.

Keep in mind that this income increase may push you into a higher tax bracket and may impact the taxes you pay for your Social Security or Medicare.

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.

Yes, every paycheck you receive now shows the amount deducted for FICA taxes (Social Security), but that money isn't being deposited into an account specifically set aside for you.

That can be a case where I want to take advantage of my 10 %, my 15 %, and 25 % tax brackets, pay taxes at those lower tax rate today, so that later on, after 70, when Social Security starts, when I have to start taking required minimum distributions, I don't push myself up into the higher tax brackets beyond that level.

Most privatization plans, like the one just described, involve four basic elements: a promise to retirees and older workers to pay all or most of the Social Security benefits they have earned; a cut in benefits to younger workers; a diversion of Social Security payroll taxes for younger workers into private investment accounts; and increased federal borrowing to offset the diversion of taxes into private accounts.

Unless Congress promptly takes action, taxpayers will have to pump hundreds of billions of additional tax dollars into Social Security to pay the promised benefits.

The employer pays social security tax, too, so the total amount paid into the system is twice as much as the amount you pay as an employee.

More ambitious privatization plans would divert half or more of the present Social Security payroll tax into private retirement accounts and slash Social Security payments available to young workers (for example, those under age forty - five).

We get into actionable strategies on how you can pay fewer taxes, how to wring every nickel out of your Social Security benefits.

We'll look at how that translates into specific decisions to make, such as when you (and your spouse if married) take Social Security, what survivor option you choose on your pension, the benefit of using annuities, the types of accounts you fund while working, the tax impact you may incur as a single tax filer, etc..

Automatic enrollment in such programs, or moving loan repayment into the tax withholding system like Social Security, would significantly reduce the cost of servicing the loans, which makes it easier to lower rates.

• Input into cell B67, how much monthly after - tax income the surviving spouse will get from Social Security's Survivor's Benefit at age 60.