Pension and Social Security Question

freddyw · 03-26-2008, 08:46 PM

Question for those drawing pensions and social security...in addition to paying federal and state income taxes on your pension and social security do you also have to pay Medicare taxes or Social Security taxes as well? Any minimum income amount before taxes are taken out for either pension payments or social security distributions?

Khan · 03-26-2008, 08:57 PM

Social Security is only taken from earned income, not from pensions.

Bikerdude · 03-26-2008, 09:05 PM

Quote:

Originally Posted by freddyw

Question for those drawing pensions and social security...in addition to paying federal and state income taxes on your pension and social security do you also have to pay Medicare taxes or Social Security taxes as well? Any minimum income amount before taxes are taken out for either pension payments or social security distributions?

If you have no earned income, meaning work income, you do not pay SS or Medicare. You normally set up your tax withholding on your pension with HR before you retire, you can have them withhold or you can pay estimated payments quarterly.

OAG · 03-27-2008, 07:47 AM

You may also have Taxes withheld from SS Benefits at your request.

03-26-2008, 08:46 PM	#1
freddyw Dryer sheet wannabe Join Date: Mar 2007 Posts: 18	Pension and Social Security Question Question for those drawing pensions and social security...in addition to paying federal and state income taxes on your pension and social security do you also have to pay Medicare taxes or Social Security taxes as well? Any minimum income amount before taxes are taken out for either pension payments or social security distributions?

03-26-2008, 08:57 PM	#2
Khan Thinks s/he gets paid by the post Join Date: Aug 2006 Location: Greater Dayton area Posts: 3,079	Social Security is only taken from earned income, not from pensions. __________________ "Knowin' no one nowhere's gonna miss us when we're gone"

03-27-2008, 07:47 AM	#4
OAG Thinks s/he gets paid by the post Join Date: Jun 2006 Location: Dublin, Ohio Posts: 1,785	You may also have Taxes withheld from SS Benefits at your request. __________________ Proud Vietnam Veteran: Cu Chi 66, 1/25th, HHC 25th and Pleiku 66-67 41st Sig Bn 1st STRATCOM

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