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More About Income Tax And Social Security

Information about Social Security benefits and federal income tax was posted earlier this week. Related to this, when did Social Security benefits become potentially taxable? Where does this tax money go? Portions of Social Security became taxable for federal income tax purposes in 1984 as part of the Social Security Amendments of 1983, signed into…
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Social Security Taxable Earnings Base And Tax Rates For 2016

Social Security payroll taxes are paid each year up to a maximum amount set by law when you have wages or self-employment income that is covered by Social Security. This continues even when a person receives monthly Social Security benefits. New earnings are automatically reviewed each year to see if they increase benefits. The best…
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Fast Facts & Figures About Social Security, 2015

 The new Fast Facts & Figures About Social Security, 2015 booklet is now available. I like this booklet. Perhaps you will too. Issued annually, this short booklet answers frequently asked questions about the programs administered by the Social Security Administration (SSA). It highlights basic program data for the Social Security retirement, survivors, and disability (OASDI) and…
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Annual Trustees Report For 2015

Yesterday the Social Security Board of Trustees released its annual report for 2015 with the following news release. The full 2015 Trustees Report is at http://www.socialsecurity.gov/OACT/TR/2015/ ### Wednesday, July 22, 2015 – For Immediate Release Social Security Board of Trustees: Trust Fund Reserve Gains One Year for Projected Depletion Date  The Social Security Board of…
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FRA And The SSA Amendments Of 1983

Regular readers know that your full retirement age (FRA) is based on year of birth and ranges from age 65 for people born in 1937 or earlier, to age 67 for people born in 1960 and later. FRA is age 66 for people born in 1943 – 1954. Full retirement age is the age at…
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