If you look at your most recent paycheck, you are going to see a guy by the name of “FICA” subtracting money from your take-home pay. Part of that FICA tax is sent to the Social Security system, which entitles you to receive Social Security payments when you retire. The unfortunate news is that, even though it was a tax that you paid while you were working, most retirees will have to pay some form of Income Tax on it. So, it’s a tax you pay on a tax? Pretty much! In this video, I will be covering: • The percent of your Social Security benefit that will be taxable • The tax rate that you pay on your Social Security benefits • The Social Security earned income penalty • State income tax exceptions • Withholding taxes from your Social Security payments Contact Michael Ruger with Questions: 518-477-6686 or mruger@greenbushfinancial.com Visit our website: Subscribe to our channel for more financial planning tips: #socialsecurity #greenbushfinancial #retirementplanni
Timothy Sumer is a philanthropist and motivational speaker empowering young entrepreneurs across the nation. He speaks on starting new businesses and the importance of branding in the digital age. Timothy Sumer has a BA in Accounting from NYU and a Masters in Information Technology from MIT. Tim enjoys traveling around the globe, driving exotic sports cars, molecular gastronomy, exploring new cultures, and keeping on top of the latest technology trends. Hope you enjoy Timothy Sumer's page :)