How much must I earn this year before the IRS stops taking out social security payments from my paycheck?
438170
The employee tax rate for social security is 6.2% (amount withheld). The employer tax rate for social security is also 6.2% (12.4% total). The 2005 wage base limit was $90,000. For 2006, the wage base limit is $94,200. \n\n  The employee tax rate for Medicare is 1.45% (amount withheld). The employer tax rate for Medicare tax is also 1.45% (2.9% total). There is no wage base limit for Medicare tax; all covered wages are subject to Medicare tax.
321840
more than you want to think about.\njust call the IRS, they'll be glad to inform you. Of course, the IRS advice is wrong 1/3 of the time.
232562
The standard (with no extenuating circumstances) is no penalty after 59 & 1/2, but it will be subject to normal income tax. One of the key questions is: "Have you been officially judged as disabled by Social Security," because if so, there are some different rules for you, and you need to check with Soc Sec at www.SSA.gov.
774986
That depends on a number of factors such as the age and blood relationship you have with the adult.  If the adult does not have  a blood relationship they must have lived with you all year,they can not earn more than $3,300 (for 2006) and you must have paid more than half of their total support.\n\nYou can read all of the rules in chapter 3 of IRS Publication 17 at the following link;\nhttp://www.irs.gov/pub/irs-pdf/p17.pdf
1021120
You need to get with the company that has your 401k and talk to them about getting out cash, every company handles things differently. There may be a penalty for doing so, and also you will have to pay a % to the IRS when you file taxes on it even if you have taxes taken out on the amount you remove. We did so last year and had to pay.
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.
173236
File an Installment Agreement (Form 9465) with the IRS.  As long as you're trying to hold up your end, they will work with you.  If you don't do anything, they can squeeze you like a turnip.
783861
Your best bet is to complete a collection information form 433-A at the time you are to receive your Social Security benefits.  This statement will help determine how much IRS will make you pay toward your debt after allowances for food, clothing & other expenses (called National Standards), and housing, utilities & transportation expenses, (called Local Standards).  These Collection Financial Standards are used to help determine a taxpayer's financial ability to pay a delinquent tax bill.
1127517
"Head of household wages" exempts wages of less than $500 a week if the person has a dependent and requires written acceptance of garnishment if over $500 a week. Other exempt earnings are: SS benefits, SSI benefits, welfare, worker's or unempoyment compensation, VA benefits, retirment or pension benefits, life insurance proceeds, disability income, prepaid college or medical savings plans, and possibly others.
920523
You have not provided enough information to determine the answer accurately.  How ever if you are single and your monthly salary is $5417 the approximate deductions for Medicare, Social Security and withholding would be $1436.18 plus state withholding of approximately $334.50 giving you a take home of $3646.32. \n WELCOME TO CALIFORNIA\n\nThe following link will take you to an IRS calculator in which you may input more accurate information if you wish. \n\nhttp://www.irs.gov/individuals/article/0,,id=96196,00.html
12376
http://www.thestreet.com/funds/taxforum/955718.html\n\nFor IRS (federal tax, not state) \n\nYou should file if you fit into any of the following categories.\n\nUnearned income, like interest and dividends, exceeds $700 annually; or \n\nEarned income, like wages and tips, is over $4,400 a year; or \n\nThe total of unearned and earned income is greater than the larger of (a) $700, or (b) earned income (up to $4,150) plus $250.
579781
The IRS max limit is per individual, not per plan.\n\nYou can contribute a max of $15,000 total between any number of plans or your salary which ever is lower.\n\nIf you only earned $10,000 you can only contribute $10,000 not the max amount of $15,000
455035
You will have to wait until next year to file that income since it was recieved in 2006.  What you can do is pay estimated taxes on the amount you just recieved if you haven't already been taxed on it.
363956
Call the IRS.  They have a help line for people in your situation, and 4/15 is fast approaching!
196337
It depends on your income and how many dependents you have as to how much money you will get back. They should withhold 258.74 in fed taxes if you claim 0 exemptions
678972
Yes, AND since you say you are collecting SS benefits, you also have to report your earnings for which your benefits will be reduced.  It's through a certain age, things have gotten complicated since Congress has tried to "fix" SS.
415172
For Federal stuff, it's easy.  Just look up the amounts in the Circular E from the IRS for this year.\n\nhttp://www.irs.gov/pub/irs-pdf/p15.pdf\n\nIn case you don't see it, you have to withhold 6.2% for OASDi and 1.4% for Medicare as well so long as they have not met the wage based limit for 2006 yet.\n\nFor State taxes, you'll have to look and find out what taxes you need to withhold, and at what rate.