If you look at your most recent paycheck, you are going to see a guy by the name of “FICA” subtracting money from your take-home pay. Part of that FICA tax is sent to the Social Security system, which entitles you to receive Social Security payments when you retire. The unfortunate news is that, even though it was a tax that you paid while you were working, most retirees will have to pay some form of Income Tax on it. So, it’s a tax you pay on a tax? Pretty much!
In this video, I will be covering:
• The percent of your Social Security benefit that will be taxable
• The tax rate that you pay on your Social Security benefits
• The Social Security earned income penalty
• State income tax exceptions
• Withholding taxes from your Social Security payments
Contact Michael Ruger with Questions: 518-477-6686 or mruger@greenbushfinancial.com
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if you are paying taxes you are breaking the law , its illegal to pay money to a privately owned irs that is owned by the bankrupt corporation united states of america inc.
I live overseas, I'm 72 years old, i have a child he is 6 years can i apply for my son benefits direct to social security administration
I wonder if you all know Biden was the person who introduced this tax for retirees
this blow hard gas bag fails to mention that if born before 1955 you can make as much as you want
leave it to our Govt to take away from the working men and women so they can spend on fraud investigations..millions of dollars are spent by our Govt wasteful..
paying taxes twice on the same money is double taxation
This is stealing from retired people stop taxin us to death
Biden introduced the bill for tax on SS when he was a Senator
Thanks Bill Clinton
The insidious government taxes every goddamn dollar we spend and WE DO NOT EVEN GET TO FILE THAT TAX!!! WE!!! ARE!!!! POOR!!!! STOP TAXING THE POOREST 90% OF THE COUNTRY!!!!!
Very informative and helpful video. Clear and concise explanations. Thank you.
Joe Biden and his democrat cronies voted to tax Social Security. Thanks, Joe.
That's not right! Why do we Have to post texts twice? That makes no sense! That should be illegal
Seniors had their entire working lives to save. They shouldn't be dependent on the SS taxes their children pay to support themselves. SS is Federal welfare and should be abolished.
Vik saying that stuff in the dark just makes it so much funnier
What you are saying is, if you Claim EARLY Social Security Benefits which is 62YO… IF YOU CLAIM FRA Social Securiry Benefits,then you do not pay TAXES!!!
I never paid taxes on my social security benefits.And I have been on it for years. I'm 72years old .
No
As a rule, retirement shouldn't be treated as income because the person isn't working anymore. But we don't live in a sane world, do we? We live in a world ruled by useless people who have to steal our money because they aren't competent enough to earn their own legitimately. That's my working definition of "politician".
"Only little people pay taxes" Leona Helmsley
I don't pay taxes at all anymore, on anything. Not even Property Tax. As i know it in my state, there is no tax on Social Security.
13 states including west virginia, kansas, missouri, utah charge taxes on Social Security taxes.