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Social Security Benefits
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Social Security Benefits
Ray G
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I'd like to interject something that has affected folks known to me for decades...
In the mid- to late- 80s, a couple I knew, both business owners and millionaires in their own rights, reached full retirement age. Both were survivors of mates who passed from cancer and found each other following those deaths.
They each, as the time came, requested to not receive SS retirement benefits; each was advised that wasn't possible per regulation at the time (I don't know if that has changed).
They chose to donate that social security retirement income to charities; that actually made them feel worse as they could deduct those donations; they chose not to use as deductions.
Perhaps the regulations have changed? If not, maybe that's what needs to be addressed?
just mho...
#VegasStrong
Phil Harris, actor and showman, to John Fogerty of CCR: “If I’d known I’d live this long, I’d have taken better care of myself.”
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@PaulR456348 I am unable to follow your math. I work with taxes for folks with various income amounts and cannot arrive at $10,000 of federal tax on $60,000 of income. I reduced the $60,000 by the Standard Deduction (i.e., $13,850 single 2023) which leaves $46,150 as taxable income. The first tax bracket is 10% up to $11,000 ($1,100). The next bracket is 12% from $11,001 to $44,725 (4047). Your next bracket is $44,726 to $46,150 ($314). I rounded any change to the next whole dollar and arrive at a total tax amount of $5,461 for 2023. If you had already deducted the Standard Deduction ($13,850) to arrive at $60,000, your combined income will increase by $13,850 to $73,850. And your amount of federal taxes would be $8,508 based on $60,000 of taxable income instead of $5,461 based on $46,150 of taxable income. How did you arrive at $10,000 of federal taxes?
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My total income without deduction and SS is
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@PaulR456348 Thanks for the update. I agree that the federal tax should be only 50% of SS Benefits. FYI, the additional 35% was enacted by Congress in 1993 to help fund the Medicare Hospital Insurance Trust which provides Part A Medicare. I am providing a link that explains taxes on SS Benefits. https://www.concordcoalition.org/issue-brief/taxing-social-security-benefits/ IMO, it would be logical to increase the FICA payroll tax for Medicare Part A from 1.45% to an appropriate percentage. Using this payroll tax approach will require employers to contribute as well. Currently, only SS Beneficiaries contribute the additional 35% which is, in effect, an extra Medicare Part A premium. Employers are "off the hook".Please note that the Medicare Part A payroll tax has been 1.45% of earnings since 1986.
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