If an employer underreports pay, then the worker's future Social Security benefits could be shortchanged. But checking it out is easy.
I’m a certified nurse midwife who is salaried. When we are fully staffed, I work 55 hours a week on average. If we cover extra shifts, we are paid a lump sum rather than hourly. We are paid twice a month, but my pay stub shows that I only work 70 hours per pay period. I work almost that many hours in a single week! When I work extra shifts, it is reported on my check under “miscellaneous” with the lump sum listed.
Some employers don’t break out Social Security taxes from Medicare taxes, and include them both in a line for FICA, which stands for Federal Insurance Contributions Act. The FICA amount should be your Social Security tax plus 1.45% for Medicare. If the tax amounts shown don’t include that “miscellaneous” lump sum, please call the IRS at 1-800-829-1040 to report the situation.I’m retired, 64 and delaying Social Security for a few years.
The certified financial planner also can help you with a tax strategy. Tax withholding on retirement income is usually voluntary, but paying the actual tax is mandatory.The percentage you ultimately pay on the withdrawals will be based on your tax bracket, which could be higher or lower than the 20% federal and 7% state rates you cite.
Deutschland Neuesten Nachrichten, Deutschland Schlagzeilen
Similar News:Sie können auch ähnliche Nachrichten wie diese lesen, die wir aus anderen Nachrichtenquellen gesammelt haben.
Saturday Night Social: Remember MeWe made it past Halloween! It’s time for my favorite of the yearend holidays: Día de los Muertos. It’s a time to remember those who have left this world and also come to terms that you too will one day leave this world.
Weiterlesen »
Social Climbers Charts: Jennifer Aniston Debuts at No. 1 on Top Actors List After Joining InstagramNot long after starting off her time on Instagram with a bang as the fastest person to 1 million followers ever, Jennifer Aniston bows at No. 1 on THR’s Top Actors chart
Weiterlesen »
How Social Media is Impacting Cosmetic Surgery Culture and Disordered EatingAfter having taken thousands of carefully analyzed selfies, those under 35 have developed keen eyes for their own aesthetics:
Weiterlesen »
As 'streaming wars' rage, social networks create own TV seriesAs TV streaming wars continue, social media giants are creating original programming to gain a slice of the multibillion dollar advertising pie
Weiterlesen »
A fifth person dies after shooting at a California Halloween party advertised on social mediaA fifth person wounded in a shooting at a Halloween party in California has died and the shooter remains on the run, authorities said.
Weiterlesen »
Demi Lovato Got Real About Body Acceptance, Social Media Trolls, And New Music'I think it's been a very introspective year for me. I've learned a lot, been through a lot.' ICYMI, DemiLovato made her first public appearance in over a year at the 2019 TeenVogueSummit 👇
Weiterlesen »