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Railroad retirement taxes, which have historically been higher than social security taxes, are calculated, like benefit payments, on a two-tier basis. Railroad retirement tier I payroll taxes are coordinated with social security taxes so that employees and employers pay tier I taxes at the same rate as social security taxes.
However, this does not necessarily mean that the benefits are taxable income: The payment is not taxable to you if you are the insured. ... When you are a beneficiary of railroad retirement ...
Form RRB-1099-R "Pension and Annuity Income by the Railroad Retirement Board" is the Railroad Retirement Board counterpart to Form 1099-R. [9] Form W-4P "Withholding Certificate for Pension or Annuity Payments" is filed by payment recipients to inform payers the correct amount of tax to withhold from their payments.
Social Security Benefit Statement Any amount Social Security Administration [31] January 31 N/A RRB-1099 Payments by the Railroad Retirement Board: Any amount Railroad Retirement Board [32] January 31 N/A RRB-1099-R Pension and Annuity Income by the Railroad Retirement Board Any amount [33]: 6 (no amount listed in Publication 575)
Certain benefits can come from filing taxes, believe it or not. ... Uncollected Social Security, Medicare, or railroad retirement tax on tips you reported to your employer; or on group-term life ...
For most retirees, Social Security benefits are taxable. However, if you earn less than $25,000 as a single filer or $32,000 as a joint filer, your Social Security benefits are completely tax-free ...
The Railroad Retirement Program is a federal program that extends retirement benefits to railroad employees. The program was established in the 1930s and in addition to retirement benefits, it ...
Among other things, it raised tax rates for the railroad retirement taxes. Without the enactment of this legislation, the Railroad Retirement Board would have been required to substantially reduce benefit payments in 1983.