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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Income Tax And Social Security Benefits

Many people ask if Social Security benefits are subject to income tax. Some people do pay income tax on part of their Social Security benefits. Some do not. The answer depends on your overall income. Ideally, this topic should be considered as part of your overall financial planning before starting Social Security benefits. For those…
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Need A Replacement SSA-1099?

Q: For taxes, how do I replace my 1099 from Social Security? A: The SSA-1099 tax form is mailed each January to everyone receiving Social Security benefits. For tax purposes, it shows the total amount of benefits received by you from Social Security in the previous year. If a replacement 1099 is needed, the easiest…
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Is Your W-2 Form Correct?

Soon we will start receiving W-2 forms for 2015. Rather than just tossing it on the table until needed for completion of your taxes, make sure your W-2 is correct now. It is important that your name and Social Security number (SSN)┬ábe correct on your W-2 form. In the short term, a mismatch between your…
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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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