Tag: Social Security Taxes

When Do You Stop Paying Social Security Tax?

Are Social Security Benefits Taxed

Nashua, NH Residents Looks for Answers

Social Security taxes are taken out of an employee’s paycheck in the form of FICA (Federal Insurance Contributions Act).  This tax covers both Social Security and Medicare.  In general, everyone working and earning a paycheck will need to pay this tax.  Very high earners will max out their Social Security contribution before the end of the year, only to have it resume after the new calendar year.  The maximum taxable wage for 2022 is $147,000.  Any income in excess of this will not have the FICA tax withheld.

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Are Social Security Benefits Taxed?

Are Social Security Benefits Taxed

Hudson, NH Resident Nearing Retirement Has Questions

If your individual income exceeds $25,000 or $32,000 for couples filing jointly, you must pay taxes on your Social Security benefits.  Any income lower than this, the benefits are not taxed.  Incomes between $25,000 and $34,000 for individuals and $32,000 and $44,000 for joint filers can have up to 50% of their benefits taxed.  If your income exceeds that threshold, up to 85% of your Social Security can be taxed.

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(603) 429-2009

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