pension is 6,000; job 4,000; social security 15,000; 79 yrs old; is social security taxable. .please help...?
92577
no social security is not taxable
1000471
Looking at your answers so far, mine might be a bit generous, but I got the accountant who sits by me to work it out - so here goes:\n\n£5,035 is not taxed (this has recently gone up)\n£2,150 is taxed at 10% (£215)\n£11,815 is then taxed at 22% (£2,599)\n\nThat means that £2,814 is deducted each year, leaving you with £ 16,186 which is £1,349 per calendar month take home pay.
781724
well, depending on your income bracket, i think it can be up to 32%\nBut that's ignoring all embedded taxes, social security, the taxes your employer pays, sales taxes and everything else.... \nthe total amount is probably somewhere above 50% but the tax codes are so convoluted that its probably impossible to figure out.\n\n* * * * * * * * * * * * *\nTaxes are "demonized" because the money is taken from you by force at gunpoint (if you don't believe that try not paying taxes for a couple years) and it is wasted by politicians and bureaucrats
488346
In 2006, the single person standard deduction is $5150, so he will not pay "income tax" on income up to that point.  However, he will have to pay "self employment" tax on that income as a self employed individual if it's more than $400. (15.3% of self employment income)  This is for FICA and Medicare.  He will likely get a 1099 from his employer for the total amount they pay him.  He can however, deduct any business expenses he had pertaining to this job to lower this figure on Schedule C.  So I would keep track of any expenses he had to pay out of pocket for this job, like mileage, any special tools or equipment purchased, etc.  Talk to a tax accountant and explain his situation for better advice.
656837
Federal tax rates for 2006 are:\n\n15% on the first $36,378 of taxable income;\n22% on the next $36,378 of taxable income;\n26% on the next $45,529 of taxable income; and\n29% of taxable income over $118,285.\n\nProvincial is 10%
439063
she Can go into her pension,but it will be considered income for her,and she is taxed on it,,Any money she gets is considered income,so her SS my go down,its  catch 22...NEW.............EMaIL ME....yes they will  take the penalty,they did me .and I'm disabled,,,and the taxes too.but i filed and got more that half Back on my income taxes,,took l0%,,,,, pen...20% tx
750473
Excellent question!\n\nImagine a time long ago where once per year the tax man would stop by and ask how much you made the previous year and then say "give me 25%".  Oftentimes, you spend all you made and didn't have the 25% sitting around.  The tax collector would often under collect the taxes by a large amount.  So, the government got smart and said, "Why don't we collect taxes with every paycheck instead of waiting until the end of the year?"\n\nNow, if you have a flat tax, this is easy.  If your tax rate was 25% and there were no credits, deductions, or adjustments, the IRS would simply take 25% of your gross pay.  In fact, they do this currently with social security (6.2%) and Medicare (1.45%). \n\nBut, we don't have a flat tax.  Our tax structure is quite complicated.  We enter all our income minus all our adjustments, deductions, exemptions (dependents) to get to our final taxable income which is taxed at a tiered rate from 10% to 35%.  How much should your employer withhold and give to the IRS on your behalf every paycheck?  5%?  10%?  30%?  Let's say you and a coworker both earn $50,000 per year, but he has a wife and 3 kids.  Maybe his federal tax is only 5% of his earnings whereas you, single and no kids, has a federal tax of 15%.  If your employer withholds 10% from each, your coworker will get a large refund and you will end up owing.  He may want more in each paycheck and a smaller refund.  You may want less in each paycheck and not owe anything at the end of the year.\n\nWithholding allowances give you, the taxpayer, that control.  They allow you to throttle the amount your employer withholds from each paycheck and gives to the IRS.  There are limitations.  If you choose an allowance that is too large, you may end up owing more than the IRS feels you should and they will charge you with penalties.  On the other hand, if you choose a real small allowance, you will end up getting a much larger refund, but each paycheck may be not have enough post-tax money.\n\nBy the way, congratulations for calling them "withholding allowances" and not "dependents" or "exemptions".  Most people don't know the difference.
928222
If you're in the US, your taxes will only go down if your income does.  But there are a few things that reduce it a bit.  At 65 you get a higher standard deduction. Also, depending on your non-social-security income, none or only part (up to 85%) of your social security is taxed - this does not depend on your age.
1041559
It depends upon your age. If you are what is to be considered "full retirement age" (for example, if you are 70 years old) you can earn as much as you want without paying taxes on your social security income.\n\nYou are allowed to retire as young as age 62 and collect partial social security benefits, but your social security will be reduced by $1 for every $2 that you earn above a certain limit.\n\nFor more information, contact your local Social Security office or go to their website at http://www.ssa.gov\n\nGood luck!
172316
I understand your concern, I reach full retirement age in November of this year, but with limits I can still make a significant income.  Between my wife and I we can do quite well.\n\nIt is the new medical programs that are interesting.\n\n\n\nUnder federal law, people who are receiving Social Security benefits who have not reached full retirement age are entitled to receive all of their benefits as long as their earnings are under the limits indicated below. In 2006, the full retirement age is 65 and 8 months. The full retirement age will increase gradually each year until it reaches age 67 for people born in 1960 or later.\n\nAt full retirement age or older\n2005\nNo limit on earnings\n2006\nNo limit on earnings\n\nUnder full retirement age\n2005\n$12,000 / For every $2 over the limit, $1 is withheld from benefits.\n\nIn the year you reach full retirement age \n2005\n$31,080 / For every $3 over the limit, $1 is withheld from benefits until the month you reach full retirement age.\n2006\n$33,240 / For every $3 over the limit, $1 is withheld from benefits until the month you reach full retirement age..
397967
as much as you can! you should get a pension asap, compamny schemes are good as the company puts in aswell. see your financial advisor asap
575785
Income is taxable.\n\nYou will receive paperwork along with your settlement (probably a 1099-Misc or similar) that will give you the info you need to determine how to handle the money, taxwise.\n\nGood Luck!
758325
There are three rates of income tax (10%, 22%, 40%) plus national insurance contributions (10%). As a generalisation, assume about third of you salary will go on taxes.
644267
You have to pay taxes on all capital gains.  As for social security, I don't know, but you can contact your local social security office & ask them.
536968
That is a more complicated question than you can imagine.\n\nIt depends on multiple factors. \n\n1. have you reached normal retirement age? If not, the amount you can earn is less than if you have.\n\n2. you do not loose all of you SSI, if you earn money. Only a percentage.\n\nTo make a long story short, if you have reached normal retirement age, your benefits will not be reduced. If you have not, then are are limits and your benefits are reduced above a limit of $12,480 in an amount of $1 for each $2 you earn above the minimum. \n\nBut!! There is also the question of income taxes to consider. You must pay income taxes on your SS benefit, if your income is above a certain amount. I believe the amount was $44,000 in 2005 for a married couple. That include income normally tax exempt. \n\nThat is the story as I understand it. The government has a habit of making the rules almost totally incomprehensible.
622191
The obvious fix is to stop excusing high income people from paying the FICA on earnings over $79K. IMPO, I think we should stop differentiating between income earned as wages or salary and income earned as stock dividends. I don't see why we ever started taxing these types of income differently in the first place, other than venal politicians pandering to powerful constiuents.
898925
Some time ago, when you reached 72, your social Security benefits would no longer be effected by income from other sources.  That is no longer the case.  It has never been that income tax is no longer paid at any give age.  You do get an additional exemption amount based on being over 65.