FICA

How long do I have to pay FICA?

One question asked by Social Security recipients who are still working is whether they have to pay Social Security taxes. Yes, unless your wages exceed the wage cap for 2024. Maurie Backman explains who will be paying Social Security taxes…

More on the Rumored Social Security Tax Cut

USA Today contributor Paul Davidson, in a post on www.usatoday.com, notes that “several prominent economists” downplay the effectiveness of a cut in the FICA rate from 6.2% to 4.2%, suggesting that workers might not freely spend the extra cash in their…

Understanding Taxes and How They’re Assessed

From Federal Income Taxes to Unemployment Taxes, with Social Security taxes (FICA) in between, the Motley Fool’s Christy Bieber explains what’s taken from your paycheck in an article posted on finance.yahoo.com’s News page. It’s a timely refresher on our tax system, given…

Understanding Social Security’s “Wage Base Limit”

Although it affects a small minority of wage earners, the limit set on FICA tax applied to earnings is something that should be understood by anyone interested in how Social Security is financed. I fact, as proposals to address the…

Surprise! Your Social Security Benefits May be Taxed

For many folks entering the retirement world with an understanding of what their monthly Social Security benefit payment–the benefit they’ve earned through a lifetime of work and FICA tax contribution–will be, it comes as a surprise at tax time to…

How Taxes Eat Away at Your Social Security Benefits

“Our new Constitution is now established, and has an appearance that promises permanency; but in this world nothing can be said to be certain, except death and taxes.” This enduring statement was penned by Benjamin Franklin in 1789, and rings true…

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