Social security benefits vs taxes paid

During 2011 and 2012, the premiums that workers pay for Social Security protection were temporarily reduced from 6. 2 percent. There is no age limit on the benefits received being taxable. Social Security is paid for through taxes. 2 percent to 4. If you worked the past 47 years at maximum income then your total Social Security taxes paid would add up to $138,961. If you make $120,000 in 2012, you pay tax up to the $110,100 limit but no tax on the $9,900 above that. 2019 · Social Security is running out of money, with benefits on track to be reduced by 2035 One option to fix the program is to raise the retirement age older than 65. That means someone making $10 an hour today is paying Social Security taxes, some of which are going directly to rich retired people who have millions of dollars in the bank. Social Security benefits can be taxable on a federal tax return if you have other taxable income to report. (No surprise there. . ) But you’re not the only one paying into the Social Security pot: Your employer also pays a portion of your Social Security tax. Up to 85% of Social Security becomes taxable when all your other income plus 1/2 your social security reaches: Married Filing Jointly - $32,000; Single or Head of Household 22. In 1937, the limit was $3,000; in 2012, it's $110,100. There's no cap on the …The maximum amount anyone could have theoretically paid into Social Security is $141,067. All that money that’s taken out of your paycheck today goes to pay the benefits for today’s retirees. The amount of monthly benefits you receive is based on three fundamental factors:Additionally, Social Security benefits not taxed by the federal government are not added back to adjusted gross income for state income tax purposes. 04. The tax has changed over the years, partly to improve Social Security funding and partly to reflect inflation. So it's quite possible none of your social security benefits are taxable in Colorado. That number assumes someone worked for 76 straight years paying the maximum amount which is not really feasible. Remember that Social Security is broke and today’s benefits are funded by today’s Social Security taxes. Cash welfare benefits are not social security earnings and are not subject to FICA taxation Also, higher-income Social Security beneficiaries pay federal income taxes on their benefit income, and these taxes help pay for Social Security. Unlike income tax, Social Security taxes come with a cap: Any money you make above a certain level of income is tax-free. For people who barely qualify for Social Security working only low wage jobs intermittently and part-time, they will still qualify for Social Security benefits and the minimum benefit is much larger than a return on what was paid into the system. To become eligible for benefits, you and your family must meet different sets of requirements for each type of benefit. An underlying condition of payment of most benefits is that you have paid Social Security taxes for the required period of time

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