Is a federal tax ID the same as my Social Security number?

Answer In the case of an individual or sole proprietorship, a Social Security number is the same as a federal tax ID. In the case of a separate business entity such as an LLC, corporation or partnership,... Read More »

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State Law Vs. Federal Law for Social Security?

Social Security benefits are are administered by the federal government. They are based on the amount of Federal Insurance Contributions Act (FICA) taxes and self-employment income taxes a person h... Read More »

Social Security & Federal Withholding?

Payroll taxes that fund social security, Medicare, unemployment and smaller retirement programs accounted for 34 percent of federal income in 2007 notes The Tax Policy Center website. The majority ... Read More »

Do you have to pay federal income tax on Social Security at 65 years of age?

If your income is below $25,000 as an individual, you do not have to pay any taxes on your Social Security benefits. If you are married filing jointly, you pay no taxes on income below $34,000. All... Read More »

Are federal taxes taken out of Social Security benefits?

Federal taxes come out of your social security benefits if you reach a particular income threshold from other taxable sources, such as wages or interest payments. Under no circumstance will you pay... Read More »