Tag Archives: Social Security
No matter whether you are a full-time or part-time cashier or retail sales associate, at tax time you need to report your income to the IRS by filing a tax return. Your employer will send you a Form W-2, reporting your earnings and commissions for the tax year. This form will also list your withholdings […]
— Read moreOnce you’ve put your day job behind you, and settled into the sweet life of retirement, it doesn’t mean tax time has come to an end. Likely, you’ll receive a Form SSA 1099, Social Security Benefit Statement (or RRB – 1099 if you are in Railroad Retirement). If you have additional income, your benefits may […]
— Read moreAs an armed services personnel, you will get a Form W-2, Wage and Tax Statement, like other military members. Reported on this form is your pay that is liable to assessable pay. In situations where you were paid for service in a combat zone, those wages may be excluded from taxation. Also, any appointed officers’ […]
— Read moreAs a military service person, you will receive a Form W-2, Wage and Tax statement, like other employees. This form will document your military pay that is subject to taxable income. In cases where you were paid for military service in a combat zone, those wages may be excluded from taxation. Additionally, any commissioned officers’ […]
— Read moreThere’s a chance you may not have to file a tax return if your Social Security or equivalent railroad retirement benefits are the only source of income you’ve received throughout the tax year. If you have received additional forms of income, the aforementioned benefits are typically tax-free providing your modified adjusted gross income (MAGI) is […]
— Read moreBusiness income is income that is received from the sale of products and services. Business income can include fees paid to a person for their services provided through their regular business, as well as rents received from real estate. Businesses must report all income received as property or services at the cost of the fair […]
— Read moreAs an employee, you likely receive wages, salaries or tips from your employer for your services. If so, you must include these amounts as part of your gross income when filing your taxes. Any withholdings are to be included in your income for the year they were withheld. Withholdings include Social Security, Medicare, and income […]
— Read moreSome recipients of Social Security benefits may be subject to taxes on the income received. Since some taxpayers find that their benefits aren’t taxable, the IRS is the best place to go to determine which benefits you will be responsible for paying taxes on. Anyone who received Social Security benefits for the current tax year […]
— Read moreThe summer is a great time to pursue a job if you’re a student. You have more free time, you gain responsibility, and learn about the real working world. This also means you’ll have to pay taxes, just like every other employee. These taxes support local communities, state, and federal governments. Students who chose to […]
— Read moreThose who receive Social Security income may be required to pay taxes on part of their benefits, though there are some who discover their benefits aren’t subject to federal tax. If you receive Social Security, how can you tell if your benefits are taxable? The following facts can shed a little light on how your […]
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