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12-31-2024 08:56 AM
@Still Raining wrote:Rather than dealing with the SS bureaucracy to set a withholding, why not do quarterly estimates? That way you have control.
@Still Raining Thank you for the adivce its already been done for a year
12-31-2024 10:15 AM
@yamma024 wrote:@occasionalrain You have to pay quarterly estimated taxes to the IRS or you are charged a penalty. Even if you have paid your taxes by the due date.
That applies to employers and those who are self employed, not SS.
12-31-2024 10:45 AM
@occasionalrain wrote:
@yamma024 wrote:@occasionalrain You have to pay quarterly estimated taxes to the IRS or you are charged a penalty. Even if you have paid your taxes by the due date.
That applies to employers and those who are self employed, not SS.
I am neither an employer nor self-employed and I have to pay quarterly estimated taxes, both federal and state.
12-31-2024 10:48 AM - edited 12-31-2024 11:56 AM
@occasionalrain No, we are on social security, we don't have anything withheld from our checks and have to pay estimated quarterly taxes. Even if you don't pay enough estimated taxes for a certain quarter you pay a penalty even though it is just an estimate. We have to pay tax on 85% of our social security.
12-31-2024 11:37 AM
@yamma024 wrote:@occasionalrain No, we are on social security, we don't have anything withheld from our checks and have to pay estimated quarterly taxes. Even if you don't pay enough estimated taxes for a certain quarter you pay a penalty even though it is just an estimate. We have to pay 85% tax on our social security.
@yamma024 you have it backwards, you pay tax on 85% of your social security, you don't pay an 85% tax.
12-31-2024 11:44 AM
@Nightowlz wrote:We don't pay federal taxes on SS. We will still be paying State tax. Not all states have a state tax.
I think there are only 9 states that pay federal taxes on SS.
Federal income tax law is the same in all 50 states. Only state income tax laws vary.
This is the second year that my state has not taxed SS. It really made a difference for me. I am really hoping that the federal government will do away with taxing SS. It would be a huge benefit.
12-31-2024 11:47 AM
I never claimed SS wasn't taxed, only that I opt out of monthly withholding and pay the tax when I file.
12-31-2024 11:47 AM
@CelticCrafter Yes, I did have it backwords. That would be alot of tax!
12-31-2024 11:53 AM
@occasionalrain The IRS wants their tax money quarterly on the money you earned each quarter. Do what works for you. Hope someday you don't have to pay a penalty.
12-31-2024 12:38 PM - edited 12-31-2024 12:51 PM
@yamma024 wrote:@occasionalrain The IRS wants their tax money quarterly on the money you earned each quarter. Do what works for you. Hope someday you don't have to pay a penalty.
@yamma024 , I agree and the amount of interest earned on what wasn't withheld probably wouldn't even equal the penalty and interest on the unpaid taxes. As much as I dislike them having my money all year long, I prefer that over having to write a check at the end of the year.
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