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tooldtocare

The Social Security tax that taxes SS benefits!!

21 posts in this topic

The Social Security tax that taxes SS benefits!!

I paid the SS tax & Medicare tax all of my working life and never expected what happened when I turned 67 and started receiving SS benefits.

I have to pay an income tax on my SS benefits !!!
This practice must STOP!!!

Taxing me on my SS tax benefits is a DOUBLE TAX!!!

We must get together and STOP this double tax !!

Do you agree ?
 

(:-

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1 hour ago, Rob said:

 

You know what you know but you don't know what you should know

I paid $2,000 on SS taxs last year. That is a tax I paid "on" my SS benefits.

Edited by tooldtocare

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18 hours ago, Rob said:

13 states tax ss benefits. Is the OP a Marylander? Federally some people are taxed on ss if they have other residual income, such as interest income, dividends, or self employment income. 

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16 hours ago, tooldtocare said:

 

You know what you know but you don't know what you should know

I paid $2,000 on SS taxs last year. That is a tax I paid "on" my SS benefits.

Federal or state and what state do you reside in?

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3 hours ago, alienrace said:

Tooldtopostinrightforum ;)

 

This is an old trick. Some folks here will accuse you of starting a thread in the wrong section hoping you will try someplace else leaving this discussion behind. Where ever you go they will repeat this practice until you give up and move on.

(:-

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Just now, tooldtocare said:

 

This is an old trick. Some folks here will accuse you of starting a thread in the wrong section hoping you will try someplace else leaving this discussion behind. Where ever you go they will repeat this practice until you give up and move on.

(:-

Paranoia will destroy ya.

Sometimes it's just as simple as seeing a member constantly posting things that belong in other forums.

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50 minutes ago, tooldtocare said:

I live in Texas

 

(:-

Ahhh.... no tax in MD. I suppose TEX does. That's ridiculous.

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On 10/29/2017 at 1:03 PM, bmore_ken said:

13 states tax ss benefits. Is the OP a Marylander? Federally some people are taxed on ss if they have other residual income, such as interest income, dividends, or self employment income. 

Or a spouse that works. Depending on the total income you could pay taxes on 80% of what you received.

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On 10/31/2017 at 4:48 PM, tooldtocare said:

I live in Texas

 

(:-

Texas doesn’t tax ss. If you paid tax on your benefits you must be getting additional income and taxed by the feds. Or as Steve said, have a working spouse.

Edited by bmore_ken

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9 hours ago, bmore_ken said:

Texas doesn’t tax ss. If you paid tax on your benefits you must be getting additional income and taxed by the feds. Or as Steve said, have a working spouse.

I don't pay tax on it in Pa. Its Fed that hits you. I can understand if they want to tax the employer part, but the part you pay they have kept all those years.

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AARP Social Security Resources. If you and your spouse file a joint return with a combined income below $32,000, your benefits are out of reach. For income between $32,000 and $44,000, up to 50 percent of benefits may be taxable, and up to 85 percent if combined income is more than $44,000.

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I am 67 years old. The first “job” I was employed to do; took out of my paycheck the following;

Social Security & Medicare taxes

What was left was/is the “money” I can spend wherever I choose; As in “cash”

As one recipient of Social Security benefits I can say, “Thank You” for sending me money to spend as I choose For the rest of my life.,.

Even if I live to one hundred and ten years (110)…,.,..,.,.,.,.,.,.,.,.,,.,,.,,,,,………….,,.,.,.,.

After all it was/is always was my money

In the first place

Thank you (:-

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On 12/1/2017 at 7:31 PM, tooldtocare said:

I am 67 years old. The first “job” I was employed to do; took out of my paycheck the following;

Social Security & Medicare taxes

What was left was/is the “money” I can spend wherever I choose; As in “cash”

As one recipient of Social Security benefits I can say, “Thank You” for sending me money to spend as I choose For the rest of my life.,.

Even if I live to one hundred and ten years (110)…,.,..,.,.,.,.,.,.,.,.,,.,,.,,,,,………….,,.,.,.,.

After all it was/is always was my money

In the first place

Thank you (:-

Not exactly true

Quote

The answer largely depends on when you retire and how much you've earned over your lifetime. Consider a single man who earns the average wage throughout his career ($43,100 in 2010 dollars), works every year from age 22 to 64, and then retires at age 65 in 2010. Over his lifetime he has paid $345,000 into the system. But he is likely to get back $72,000 more than that, or $417,000 in Social Security and Medicare payouts, according to recent Urban Institute calculations. A single women with the same work and tax history will come out even further ahead due to her longer life expectancy, likely netting $464,000 in lifetime benefits, which is $192,000 more than she paid into the system. These amounts are in constant 2010 dollars and assume a 2 percent real interest rate.

https://money.usnews.com/money/blogs/planning-to-retire/2011/01/06/will-you-get-back-your-social-security-taxes-in-retirement

 

Edited by bmore_ken

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That doesn't invalidate what I posted. People are living longer which means they'll collect more in SS than they put in over their lifetime. I'm not sure what the point of your post is.

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11 hours ago, bmore_ken said:

That doesn't invalidate what I posted. People are living longer which means they'll collect more in SS than they put in over their lifetime. I'm not sure what the point of your post is.

More than they put in?  Isn't the SS trust fund invested in T Bills and other securiities... collecting interest?

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18 minutes ago, workerbee said:

More than they put in?  Isn't the SS trust fund invested in T Bills and other securiities... collecting interest?

The short answer is no

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4 minutes ago, bmore_ken said:

The short answer is no

So not accumulating interest and also losing value because of inflation?  What could go wrong?

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