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Taxation of Social Security Benefits

A good friend of mine, Bruce Larsen of Presidential Brokerage recently published an outstanding report on the Taxation of Social Security Benefits. One of the many things I like about Bruce is that he is passionate about all aspects of

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Posted in Pension Plan, Retirement, Social Security, Social Security Tax

IRS Can Levy More Than 15% of Social Security Benefits According to Bowers V. US

The distinction of how this is possible distills down to understanding the nuanced difference between a 'Continuous' and a 'One Time' IRS tax levy. Under Code Sec. 6331(h) once a tax levy is approved, the effect of the levy on specified

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Posted in Back Taxes Owed, Income, Intent To Levy, Intent To Lien, IRS Centralized Insolvency, IRS Collections, IRS Enforcement, IRS Levy, IRS Lien, Social Security, Social Security Tax, Tax Court, Uncertain Tax Position

IRS Treatment of Social Security Benefits – SSA Form 1099

If you receive Social Security benefits (checks) you should also receive a Form 1099-SSA from the Social Security Administration. Use the data on this form to help determine if your benefits are taxable. Basically the tax depends on total income and

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Posted in Social Security

Severance Payments and FICA Tax

Generally severance payments made to terminated employees have been held by the US Tax Court to be FICA wages because the definition of "wages" for FICA purposes found in the Internal Revenue Code is so broad. "Wages" include all remuneration

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Posted in FICA, Social Security, Social Security Tax, Tax Court

Social Security and Medicare Changes 2012

The Social Security Administration has announced the new benefits and thresholds for 2012 as follows: Gross Social Security benefits increase for 2012 by 3.6%.  The amount of earnings subject to Social Security taxes increases to $110,100.  The amount of earnings

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Posted in Medicare, Social Security, Social Security Tax

How to Determine if Your Social Security Benefits are Taxable

If you received Social Security benefits or payments in 2010, some of that money may be taxable. You should receive a Form SSA1099 which will show the total amount of your benefits. How much of your Social Security benefits are

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Posted in Social Security

Social Security Benefit – facts

If you received Social Security benefits in 2009, you need to know whether or not these benefits are taxable. Here are facts about Social Security benefits so you can determine whether or not they are taxable to you. How much

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Posted in Social Security

Debit Cards for Social Security Benefits

The debit cards are targeted to the 4 million Social Security recipients who have no bank accounts. Social Security recipients electing to sign up for the debit program will receive a Master-Card debit card, which will be reloaded each month

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Posted in Social Security

New Form for Employees Misclassified as Independent Contracts

IRS Form 8919, Uncollected Social Security and Medicare Tax on Wages, may be used if you were an employee and your employer did not withhold your share these taxes and you meet certain criteria. These taxes will then be credited to

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Posted in Back Taxes Owed, Employee Business Expense, Employment Tax, Estimated Taxes, FICA, Social Security, Social Security Tax, Tax Filing Status, Tax Guidance & Preparation
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