Income Taxes & Your Social Security Benefit

Q:  Are federal income taxes withheld from Social Security checks?   A:  Income taxes are not routinely withheld from SSA checks but you can request that this be done.  To have taxes withheld from your SSA monthly benefits, complete Internal Revenue Service (IRS) form W-4V, “Voluntary Withholding Request”available from IRS or download it at www.socialsecurity.gov/planners/taxwithold.htm.   Within…
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Employers: Transmit W-2 Data Electronically

Useful tools for employers and the self-employed, including electronic transmission of W-2 and W-2c data, are part of Social Security business services online.   Services are free but advance registration is required.  Register now so your personal PIN and password will be established for use in reporting 2011 wages.  If your business involves performing payroll services for…
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Special Payments After Retirement

Q:  I retired in 2011 but expect income in 2012 from work done before I retired.  Will this lower my 2012 Social Security benefits?  A:  For people younger than full retirement age, the SSA annual earnings test, also called the retirement test, concerns how much can be earned from wages or self-employment in a calendar…
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Medicare Premiums & Deductibles For 2012

Medicare premiums and deductibles for 2012 have been announced by the Department of Health and Human Services, Centers for Medicare and Medicaid Services (CMS).  Of special interest is that the Medicare Part B (Supplemental Medical Insurance) premium will be $99.90 per month in 2012, a decrease of $15.50 over the 2011 base premium of $115.40.   Depending…
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Medicare Prescription Drug (Part D) Open Enrollment Season & Extra Help

Open season for Medicare Part D (Prescription Drug) coverage is October 15 to December 7, 2011.   Due to your changing needs and annual plan changes, review your existing policy.   Plans for 2012 are at www.medicare.gov under the “Formulary Finder – 2012 Plan Data” link.  You will need a list of your medications to compare plans. …
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