codfish

Is this true??

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Some states will not tax s s and or give you An allowance state tax free but you will pay the Fed minus your deductions best advice is to talk to a tax accountant who's familiar with your states tax laws a financial planner may not be qualified to give tax advice.I believe mr.Reago n gave the tax break with the idea of it trickling down to the middle class and the golden parachute idea and the I'll gotten bonus however again it was me reag on mr tip Oneal with a bottle of scotch to help  reaching out across the aisle who changed the s s laws instead of making it it's own account so they can't borrow from it

Edited by Surf bomber

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26 mins ago, Slacker said:

A handful of States (bit more than a handful, actually) tax Social Security.

The Fed also taxes 85% of the SS you receive. If all you are getting in retirement is SS you probably aren’t paying income tax on it but if you have other income like an IRA or 401k you pay tax on it

example $20k in SS and $30k in 401k each year , you’re pay tax on $47k per year.

When you start collecting SS they ask you if you want Federal taxes taken out.

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1 hour ago, Slacker said:

Imagine that at one time folks worked for 10 days and gave what they earned for 7 of those days to the US government.

Not how it works, you only paid 70% on the income that was above the bracket threshold, not your entire income. However this does show how far things have swung from once widely held ideas about wealth. There was no federal income tax until 1913.

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21 hours ago, codfish said:

Why do I feel taxachuseets is one of them?

Because it is. Allofthe New England states, except of course for NH that doesn't have an income tax, tax SS.

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21 hours ago, Nicky Da Fish said:

Not how it works, you only paid 70% on the income that was above the bracket threshold, not your entire income. However this does show how far things have swung from once widely held ideas about wealth. There was no federal income tax until 1913.

Yeah, yeah, we know how income tax works.  The fact that I don’t make enough to be at the top tax rate until mid March, doesn’t make the idea of giving 7 of every next 10 days worth of earnings to the IRS, from then until 12/31, any more appealing.

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42 mins ago, MakoMike said:

Because it is. Allofthe New England states, except of course for NH that doesn't have an income tax, tax SS.

Massachusetts doesn’t tax retiree Social Security.  Go ask your friend Google, if I’m deemed untrustworthy.  CT and RI do, though.

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