Welcome to Income Taxes Idea Guide
Kentucky Income Taxes Article
. For a permanent link to this article, or to bookmark it for further reading, click here.
You may also listen to this article by using the following controls.
Do I Still Pay Taxes on Social Security Income?
from:Most often when people are disabled, they end up receiving social security. What scares people the most is they wonder how they can afford to live while paying taxes on social security income; or if they even have to pay taxes on social security income.
For many people, the question "Do I still pay taxes on social security income" is one of the most asked questions. It may not be for them, possibly a spouse, sibling, or parent; but it is still on their minds. The answer; is both yes and no.
Most people when they collect a social security income, they are retired. However, because people are living much longer than those in the past, are also working longer. Therefore, many times when people hit retiring age, they are still working. So, they choose to keep working and collect the social security income at the same time. So, if you continue to work as well as collect social security income, yes, you will have to pay taxes on social security income. Therefore, the only time you wouldn't have to pay taxes on social security income is if that was the only income you had coming in!
When it comes to paying taxes on social security income, all within the last 15-20 years did the laws change. In fact, in 1983 is when the law changed stating that retirees with an annual income above the limit must pay taxes on social security income. When a person makes $25,000-$34,000, they may have to pay 50% of their benefits to taxes; and so on; going by what they make. However, the most taxes a person will have to pay in their social security income are 85% taxes.
Also, in 2005 the Social Security Administration had changed the social security income again. It was changed so that taxes will only be taken out of a workers wage for on the first $90,000. There after, no more social security will be taken out, and everyone will be paying the same amount of taxes for their social security income.
So, if you are a person that is thinking about collecting your social security income, the most beneficial thing for yourself to do is to retire completely. Then once you're completely retired, start collecting your social security income. If you retire first, then you will not have to pay taxes on social security income! Whereas if you collected them while working, you will be paying taxes on both incomes coming in!!
Kentucky Income Taxes News
Kentucky Tax Credit (WSIL 3 Southern Illinois)
KENTUCKY- Kentucky's governor is encouraging people to take advantage of the federal earned income tax credit. Steve Beshear says the credit is one of the best tools in fighting poverty.
Read more...Westford man pleads guilty in theft case (Lowell Sun)
BOSTON -- A 24-year-old Westford man pleaded guilty Tuesday to charges he stole more than $320,000 in computer and telephone equipment from his Billerica employer, then sold the equipment on the side, without paying nearly $90,000 in income tax from the stolen goods.
Read more...Increasing the rebate from Uncle Sam just got easier (The Middlesboro Daily)
MIDDLESBORO — It’s that time of year — time to gather your receipts and proof of income — it’s time to prepare yourself for tax season. Accountants and income tax refund companies will remain busy for the next 10 weeks until the tax filing deadline: April 15.
Read more...IRS offers assistance to strapped taxpayers (Louisville Courier-Journal)
The Internal Revenue Service has kicked off the 2009 tax-filing season by offering steps to help taxpayers in financial trouble get as much of a refund as they can and speed payments.
Read more...Tourism chief hopes to save budget from deep cuts (Journal Inquirer)
Connecticut tourism officials are bracing for the worst as the governor prepares a two-pronged 2008-09 budget for the state’s overall marketing campaign, as well as funding for each of the five tourism districts.
Read more...Old Fights, New Bruises (Jackson Free Press)
House Speaker Billy McCoy, Senate leader Lt. Gov. Phil Bryant and Gov. Haley Barbour will address some very old fights this year as the Legislature convenes. Many of these are battles that never seemed to get a resolution in past bouts—not even after exhaustive special sessions.
Read more...