Are Social Security survivor benefits for children considered taxable income?

June 30, 2024 No Comments

A: Social Security survivor benefits for children are considered taxable income only for the children who are entitled to receive them, even if the checks are made out to a parent or guardian. Most children do not make enough in a year to owe any

Are Social Security survivor benefits for children considered taxable income?

July 7, 2024 No Comments

Are spousal Social Security benefits retroactive?

June 30, 2024 No Comments

A: Spousal Social Security benefits are retroactive. These benefits are quite complicated, and anyone in this type of situation is advised to sit down with a financial counselor to review options. Some of the major factors that could impact this decision are the life expectancy

Are spousal Social Security benefits retroactive?

July 7, 2024 No Comments

Are spousal Social Security benefits taxable?

June 30, 2024 No Comments

A: Your spousal Social Security benefits may be taxable, depending on your total household income for the year. About one-third of those who receive Social Security benefits have to pay taxes on them. However, you do not pay taxes on more than 85% of your

Are spousal Social Security benefits taxable?

July 7, 2024 No Comments

Are target-date retirement funds good investments?

June 30, 2024 No Comments

A: The main benefit of target-date retirement funds is convenience. If you really don’t want to bother with your retirement savings, just check off the box with the fund corresponding to your desired retirement age. The money gradually moves from stocks to safe bonds as

Are target-date retirement funds good investments?

July 7, 2024 No Comments

Are the deferred earnings in a SIMPLE IRA subject to FICA taxes?

June 30, 2024 No Comments

A: While salary deferral contributions to a savings incentive match plan for employees of small employers (SIMPLE) IRAs and SIMPLE 401(k)s are not subject to income tax withholding, they are subject to tax under the Federal Insurance Contributions Act (FICA), the Federal Unemployment Tax Act

Are the deferred earnings in a SIMPLE IRA subject to FICA taxes?

July 7, 2024 No Comments

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