How is Social Security tax calculated?

June 30, 2024 No Comments

A: The Old-Age, Survivors and Disability Insurance program (OASDI) tax – more commonly called the Social Security tax – is calculated by taking a set percentage of your income from each paycheck. This percentage is determined by law each year and applies to employees and

How is Social Security tax calculated?

July 7, 2024 No Comments

How is the Social Security trust fund invested?

June 30, 2024 No Comments

A: The Social Security trust fund is an account held with the U.S. Treasury Department. The federal government uses it to record any excess contributions paid into Social Security. The fund only grows when the daily tax receipts obtained from workers and employers is larger

How is the Social Security trust fund invested?

July 7, 2024 No Comments

How long does an IRA beneficiary have to take an RMD after the IRA holder dies?

June 30, 2024 No Comments

A: Let’s suppose the IRA holder, we’ll call him Tom, dies in 2008. If Tom was required to take a required minimum distribution (RMD) for 2008 (and did not withdraw that amount before he died) his beneficiaries are required to withdraw that amount by December

How long does an IRA beneficiary have to take an RMD after the IRA holder dies?

July 7, 2024 No Comments

How should I go about investing in a Roth IRA?

June 30, 2024 No Comments

A: Most financial services institutions – such as banks, brokerage firms, credit unions and mutual fund companies – offer Roth IRAs. Establishing a Roth IRA with your financial institution of choice may be as simple as completing a one-page document (your Roth IRA adoption agreement)

How should I go about investing in a Roth IRA?

July 7, 2024 No Comments

How to avoid paying taxes on Social Security income

June 30, 2024 No Comments

A: Some people have to pay federal income taxes on the Social Security benefits they receive. Typically, this occurs only when individuals receive benefits and have other substantial sources of income from wages, self-employed earnings, interest, dividends, required minimum distributions from qualified retirement accounts, and other taxable

How to avoid paying taxes on Social Security income

July 7, 2024 No Comments

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