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You can game your income to reduce the amount you must give back to the government.
If your combined total income is above $34,000, up to 85% of your Social Security income may be taxable. If you are married filing jointly: Take half of your Social Security income.
“The IRS uses the provisional income formula to determine how much of your Social Security income is taxable and essentially, the more income you have from other sources, the more taxable your ...
The Social Security tax is one component of the Federal Insurance Contributions Act tax (FICA) and Self-employment tax, the other component being the Medicare tax. It is also the maximum amount of covered wages that are taken into account when average earnings are calculated in order to determine a worker's Social Security benefit .
For example, the payroll tax system (FICA), a 12.4% Social Security tax on wages up to $117,000 (for 2013) and a 2.9% Medicare tax (a 15.3% total tax that is often split between employee and employer) is called a regressive tax on income with no standard deduction or personal exemptions but in effect is forced savings which return to the payer ...
The $ 22,924 Social Security bonus most retirees completely overlook If you're like most Americans, you're a few years (or more) behind on your retirement savings. But a handful of little-known ...
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