Everything you need to know about the Social Security Administration. The news, tools, and applications for the benefits can be read in this article.
If you’ve ever wondered, Do capital gains pay FICA?, you’re not alone. Many investors are unsure how taxes work when it comes to profits from selling stocks, real estate, or other investments. FICA taxes (Federal Insurance Contributions Act) are primarily used to fund Social Security and Medicare, but they apply specifically to earned income, like … Read more
The question “Is FICA the Same as Federal Income Tax?” represents a common source of confusion among American taxpayers, as both are mandatory deductions from paychecks but serve entirely different purposes in the U.S. tax system. The Federal Insurance Contributions Act (FICA) tax, which encompasses Social Security and Medicare taxes, operates as a payroll tax … Read more
When it comes to managing finances as a student, understanding how on-campus jobs are taxed is crucial for navigating the complexities of income tax obligations. Many students take on part-time employment while pursuing their education, often working in various roles within their university or college, such as teaching assistants, research assistants, or positions in dining … Read more
Disability payments can be subject to federal taxes, but the taxability depends on several factors, including the type of disability benefit you receive, your total income, and who paid for any related insurance premiums. These payments can come from various sources, such as Social Security Disability Insurance (SSDI), Supplemental Security Income (SSI), or private and employer-sponsored disability insurance plans. Each of these programs follows different rules when it comes to federal taxation, which can … Read more
When examining the taxes deducted from your paycheck, two key types often appear: FICA (Federal Insurance Contributions Act) tax and federal income tax. While both are crucial for funding government programs, they serve different purposes and are calculated in distinct ways. FICA is a payroll tax that specifically funds Social Security and Medicare, while federal … Read more
Replacing your Social Security card is a relatively simple process, especially if you are eligible to apply online. By understanding the steps involved and gathering the necessary documentation, you can obtain a replacement card quickly and efficiently. Remember to keep your new card in a safe place and take steps to protect your Social Security … Read more
As we approach 2025, millions of Social Security beneficiaries are looking ahead to the announcement of the Cost-of-Living Adjustment (COLA), which typically takes place on October 10th. This annual adjustment is designed to help beneficiaries keep pace with inflation, ensuring their benefits retain purchasing power amidst rising costs. While the official 2025 COLA announcement is … Read more
Child support payments allow parents to maintain their essential living expenses, including daily necessities like food and clothing. Indiana child support guidelines also take into account medical, dental, and childcare costs. In addition, court-ordered child support covers the cost of children attending private or special needs schools and institutions of higher learning. A knowledgeable attorney … Read more
The FSSA in Indiana provides many valuable resources for those who need help, including food assistance, healthcare coverage, and prescription drug discounts. They also offer a comprehensive online portal that allows recipients to manage their benefits and make payments. In addition, they provide a screening tool and certified navigator information to help applicants navigate the … Read more
In California, Social Security is financed through a dedicated payroll tax (FICA or SECA) that employers and employees pay. It applies to wages up to the taxable maximum of $168,600 in 2024. Currently, 6.2 percent of wages are withheld from employee paychecks and 12.4 percent is withheld from self-employed income. The resulting taxes are used … Read more