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 Taxes: Getting my 1st SS check

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CTHunter
Scooter Rider
Scooter Rider


Number of posts : 6
Location : Albuquerque, New Mexico
Points : 155
Registration date : 2019-07-02

Taxes: Getting my 1st SS check Empty
PostSubject: Taxes: Getting my 1st SS check   Taxes: Getting my 1st SS check I_icon_minitimeThu Sep 26, 2019 6:29 pm

I will receive my 1st SS check next month and I am still working part time. I was wondering if anybody that still working has taxes taken out of their SS check. I do not want to pay IRS at end of year ! I am 66.
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gustav
Scooter Rider
Scooter Rider


Number of posts : 72
Age : 67
Location : Davenport, Iowa
Points : 302
Registration date : 2019-04-13

Taxes: Getting my 1st SS check Empty
PostSubject: Re: Taxes: Getting my 1st SS check   Taxes: Getting my 1st SS check I_icon_minitimeThu Sep 26, 2019 9:04 pm

I have taxes taken out, not only had to pay one year, there was also a penalty for having to pay! Paul
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Dale N.
Site Admin
Dale N.

Number of posts : 1366
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Location : Princeton, MN
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Taxes: Getting my 1st SS check Empty
PostSubject: Re: Taxes: Getting my 1st SS check   Taxes: Getting my 1st SS check I_icon_minitimeThu Sep 26, 2019 10:19 pm

I also have taxes taken out. Two years ago I still owed MN $1,200. Last year I got a "break" and only owed $600. YIIPEEE!! I always get something back from federal but owe to MN. MN just loves to tax the Hell out of us.
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GHM-PM
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GHM-PM

Number of posts : 1670
Age : 67
Location : Wickenburg, AZ
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Registration date : 2012-05-17

Taxes: Getting my 1st SS check Empty
PostSubject: Re: Taxes: Getting my 1st SS check   Taxes: Getting my 1st SS check I_icon_minitimeFri Sep 27, 2019 8:42 am

Taking taxes out is a good thing unless you are very sharp at investing and can budget a year in advance. Here in Arizona I usually get money back from the Feds and pay the state like Dale above. But I consider that a wash and leave it alone. Now one could move to a state that has NO state income taxes... Hmmm.
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exavid
Silver Wing Guru
Silver Wing Guru
exavid

Number of posts : 2450
Age : 76
Location : Medford, Oregon
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Registration date : 2009-07-17

Taxes: Getting my 1st SS check Empty
PostSubject: Re: Taxes: Getting my 1st SS check   Taxes: Getting my 1st SS check I_icon_minitimeSat Sep 28, 2019 12:40 am

I don't have any agency hold out tax money before it's due. I'd rather have the use of it until it comes due then the government can have their cut. I'd rather earn interest or dividends with that money than wait for a year to have the government give me back what they owed me.
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Mech 1 twa
Silver Wing Expert
Silver Wing Expert
Mech 1 twa

Number of posts : 656
Location : Allentown PA.
Points : 2138
Registration date : 2016-01-02

Taxes: Getting my 1st SS check Empty
PostSubject: Re: Taxes: Getting my 1st SS check   Taxes: Getting my 1st SS check I_icon_minitimeSat Sep 28, 2019 9:35 pm

TAXES We all worked hard and had no choice to pay in to SS. WE should be getting interest on that not paying more taxes. Wealth redistribution is what's it's called. over.
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exavid
Silver Wing Guru
Silver Wing Guru
exavid

Number of posts : 2450
Age : 76
Location : Medford, Oregon
Points : 6365
Registration date : 2009-07-17

Taxes: Getting my 1st SS check Empty
PostSubject: Re: Taxes: Getting my 1st SS check   Taxes: Getting my 1st SS check I_icon_minitimeSun Sep 29, 2019 12:57 am

Most of us end up drawing more money out of SS than we put in. A year or so ago I had been paid back what I originally paid in. So the money I'm drawing from SS now is interest. Actually the government pays SS recipients back much more than they paid in. Originally SS was supposed to pay for itself but it never did. Also there's no Social Security fund that the money comes from, it's paid out of the treasury adding to the federal debt every year.
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bikehiker
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bikehiker

Number of posts : 349
Location : New Cumberland PA
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Registration date : 2017-09-07

Taxes: Getting my 1st SS check Empty
PostSubject: Re: Taxes: Getting my 1st SS check   Taxes: Getting my 1st SS check I_icon_minitimeWed Oct 02, 2019 7:05 pm

Exavid said, "Originally SS was supposed to pay for itself but it never did. Also there's no Social Security fund that the money comes from, it's paid out of the treasury adding to the federal debt every year." And that's what most of us aren't aware of. Originally SS was set up to pay for itself from its own fund, but Congress looted that fund to pay for many other wasteful programs. SS will never get that money back.

While working, we are taxed by SS so we have something after retirement. And we think that SS check will then be tax-free. But those of us who start collecting SS get a big surprise because we are taxed AGAIN. Take a look at the tax you would have to pay if you would not collect SS. Then add your SS income, including your wife's SS, and see how much higher your tax bill (bracket) is. If you make ANY money in other retirement income or investments, your SS is taxed accordingly. The only way to get out of having your SS taxed is to give up all other income and become homeless.
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oldwingguy
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Silver Wing Guru


Number of posts : 1356
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Taxes: Getting my 1st SS check Empty
PostSubject: Re: Taxes: Getting my 1st SS check   Taxes: Getting my 1st SS check I_icon_minitimeThu Oct 03, 2019 9:10 am

exavid wrote:
Most of us end up drawing more money out of SS than we put in. A year or so ago I had been paid back what I originally paid in. So the money I'm drawing from SS now is interest. Actually the government pays SS recipients back much more than they paid in. Originally SS was supposed to pay for itself but it never did. Also there's no Social Security fund that the money comes from, it's paid out of the treasury adding to the federal debt every year.

Some do get more back but the catch to that is if you work and pay into it all your life then retire and start collecting then suddenly die you nor anyone else gets the money you and your employer paid into S.S. all those years. Oh and the month you die? be it the 1st or 31st of the month the months money is taken back.
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exavid
Silver Wing Guru
Silver Wing Guru
exavid

Number of posts : 2450
Age : 76
Location : Medford, Oregon
Points : 6365
Registration date : 2009-07-17

Taxes: Getting my 1st SS check Empty
PostSubject: Re: Taxes: Getting my 1st SS check   Taxes: Getting my 1st SS check I_icon_minitimeThu Oct 03, 2019 2:18 pm

There is that hitch alright. But then what do you expect from the plan which is a socialist plan. That's why the government has those hit men going around knocking off old people. I keep a close watch at my place since I'm now in that age range.  They had to have something for those narcs to do after several states began legalizing marijuana.
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