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Posted by chip on April 15, 2006, 2:47 am
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I retired last Jan 13. Just received the company's 2005
Incentive bonus and had Fed, Az state, SS, and Medicare
deducted from the gross. I agree about the Fed and maybe
the state, but why should the SS and Medicare be deducted,
since I am 65 and receiving SS and Medicare?
Chip
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Posted by Rich Carreiro on April 16, 2006, 2:09 am
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> I retired last Jan 13. Just received the company's 2005
> Incentive bonus and had Fed, Az state, SS, and Medicare
> deducted from the gross. I agree about the Fed and maybe
> the state, but why should the SS and Medicare be deducted,
> since I am 65 and receiving SS and Medicare?
Because that's how Congress wrote the law.
--
Rich Carreiro rlcarr@animato.arlington.ma.us
<< ======================================================= >>
<< The foregoing is intended for educational purposes only >>
<< and does NOT constitute legal OR professional advice. >>
<< >>
<< The Charter and the Guidelines for submitting >>
<< messages to this newsgroup are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
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Posted by Bill on April 16, 2006, 2:09 am
Please log in for more thread options chip.wood@ieee.org (chip) posted:
> I retired last Jan 13. Just received the
> company's 2005 Incentive bonus and had
> Fed, Az state, SS, and Medicare deducted
> from the gross. I agree about the Fed and
> maybe the state, but why should the SS and
> Medicare be deducted, since I am 65 and
> receiving SS and Medicare?
Taxes -- including Social Security and Medicare "fees"
continue forever. There is no end to them, until you reach
that other "certainty."
Of course, if your total income is low enough, then you
escape the "income tax" obligation.
Bill
<< ======================================================= >>
<< The foregoing is intended for educational purposes only >>
<< and does NOT constitute legal OR professional advice. >>
<< >>
<< The Charter and the Guidelines for submitting >>
<< messages to this newsgroup are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ======================================================= >>
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Posted by Missy on April 16, 2006, 2:29 am
Please log in for more thread options chip wrote:
> I retired last Jan 13. Just received the company's 2005
> Incentive bonus and had Fed, Az state, SS, and Medicare
> deducted from the gross. I agree about the Fed and maybe
> the state, but why should the SS and Medicare be deducted,
> since I am 65 and receiving SS and Medicare?
When I started doing taxes for the public many, many years
ago, I asked the same question saying the lady was 78 and
the answer from the IRS was they didn't care if she was 178
she still paid social security (medicare tax was included at
that time).
Missy Doyle
<< ======================================================= >>
<< The foregoing is intended for educational purposes only >>
<< and does NOT constitute legal OR professional advice. >>
<< >>
<< The Charter and the Guidelines for submitting >>
<< messages to this newsgroup are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ======================================================= >>
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Posted by Stuart A. Bronstein on April 16, 2006, 2:29 am
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> I retired last Jan 13. Just received the company's 2005
> Incentive bonus and had Fed, Az state, SS, and Medicare
> deducted from the gross. I agree about the Fed and maybe
> the state, but why should the SS and Medicare be deducted,
> since I am 65 and receiving SS and Medicare?
Because social security is not a fund, it's just a tax.
Stu
<< ======================================================= >>
<< The foregoing is intended for educational purposes only >>
<< and does NOT constitute legal OR professional advice. >>
<< >>
<< The Charter and the Guidelines for submitting >>
<< messages to this newsgroup are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ======================================================= >>
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