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While you might only pay 10% on your additional distribution, you could also increase your taxes on Social Security benefits at the same time. That could make your real marginal tax rate much higher.
Most of us already pay Social Security taxes on all our income, so this isn't a huge issue. But high earners could find themselves paying an extra $465 per year in taxes if they're traditionally ...
Workers currently pay Social Security taxes to the tune of 12.4%. Increasing that tax rate would clearly do the job of pumping more money into the program. But the downside is that higher taxes ...
Some federal, state, local and education government employees pay no Social Security tax but have their own retirement and disability systems that nearly always pay better retirement and disability benefits than the SSA. These plans typically require vesting (working 5–10 years for the same employer before becoming eligible for retirement ...
Not paying Social Security taxes means not receiving Social Security (or Medicare). That makes it especially important to plan your retirement finances ahead to ensure you're not left out to dry ...
The Social Security benefits program is funded by a payroll tax. Specifically, the government collects a 12.4% tax on wages to pay for retirement benefits.