Posted on 02/14/2022 7:21:03 AM PST by jonrick46
Should Income Tax Be Paid on Social Security?
BJ raised them in ‘93. Didn’t cost him. Even the rat senator in Florida escaped when he supported it. Got reelected. Was it Nelson? I’m just saying getting rid if it won’t help us but then there’s no silver lounge in the WH.
What makes you say social security isn’t taxed at witholding? It isn’t a pretax deduction. Quite frankly I’ve been angry since I received my first paycheck and saw FICA, had taken a good portion of my check.
that’s tongue.
Could we make our accounts ROTH? Find a way too pay off the currents and buy off those over 40(non millennials).
Incorrect. The employee part of the "contribution" was taxed by the feds and state. It is not deducted from the gross before federal income tax is extracted. If self employed, all (employer/employee) was fully taxed. For W2 employee, the employer contribution is not part of the taxed gross.
Fixed it.
Oh, and Joe Biden was a member of the Congress that voted to tax SS benefits.
We have paid the tax in that had we taken the same money and invested it we lost the money we would have gained. Also, we paid the tax when you die at age 67 and your money dies with you for the most part.
Oh and having people offed...takes time too.
Your contribution certainly is taxed, since you are taxed on “gross earnings”. Gross earnings is the amount before FICA Medicare, FIT, and state income tax and any other deductions such as insurance, etc.
For those whose only income is SS, the taxes don’t work out where they have to pay anything. At least for me. Just finished mine and nothing owed - nothing owed last year. My state taxes are zero also.
It’s when you have other income and push the AGI over a certain amount is where you get into situations where you might owe taxes.
The one I think is weird is having to pay FICA on post retirement income.
>>Incorrect. The employee part of the “contribution” was taxed by the feds and state.
That was never my understanding, but I concede that I may be wrong on that point - will need to read some more about that.
No, not until we can deduct AND manage our own contributions.
IIRC, there were only certain categories of jobs (like academic) where SS payments were allowed to be deducted from your taxable income. For jobs not in those categories, that income from which the SS payments were made WAS taxed.
I don’t think SS should be taxed and when the question came up to tax or not to tax, at the time the vote came to a tie and the tie breaker was no other than that pompous corrupt socialist vice president Al Gore.
Imagine the interest that my “contribution” accrued over the 50 years that I paid into the system.
I don’t agree. Social Security is a Tax. If you don’t think so, try to opt out. I did not contribute anything. Contribution is a voluntary act. This money was forcibly removed from my check, just like the income taxes I am forced to pay.
Using your logic, tax returns should be taxed because any overage was taken out pretax.
That is just my take on the matter.
However on the reverse side, if you are if you are working you have to be making more than a certain amount for the Socialist Insecurity payments to be taxed.
If those SS $ were taxed when going into SS, no; if not taxed when going into SS, yes. Arguably.
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