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Instructions and Help about Are state taxes taken out of social security?

These states without pension or Social Security taxes and man number five is gonna shock you I'm telling you I know let's click baby but it's I mean it's amazing I've done a iteration of this with just Social Security tax before but I wanted to throw the 13 states that don't tax both because I think it's actually even more important to especially if you have a pension now a lot of us don't have pensions anymore I get that but some of us still do in fact I'm not a not a not a small minority stars pension I think it's like 20 to 25 percent the population so this is a good video for you because if you have a pension and Social Security there are a couple of states in here they're gonna shock you that there might be a place for you to live I'm just telling you we shall see so welcome heritage playing both the head hair as well planning YouTube channel my friends the place you come to learn all taxes everything taxes everything's financial planning so subscribe down below and don't forget to hit the little bell up there are things up there to be notified for future content so let's dive right into it I just read this from US news I think is amuse news yeah US News and World Report and I used to give this as a hard copy a long time ago probably 25 30 years ago or something like that it's just funny how the magazine industry is just died so everything is now online now it's actually pretty interesting which is good because you can put more info out there in the land of the interwebs as opposed to a magazine like here's my Popular Mechanics one and you only got so much space you can put in there but I do say I still like having magazine where you can edit you here's a portable table saw for instance I just like the idea of having a magazine my hands but I tell you they do they do end up pile up and pile up and very few get read that's too bad all right so what's top of the 13 states reduce your tax retirement tax bills retirees can help their savings last longer by moving to a place with lower taxes that's crazy who knew these 13 states don't tax Social Security or pension income however they have very different property and sales tax rates your property sales tax rates are different but in terms of income tax rate that is something you can control so it's good to be advised which should also be taken in consideration according to the data from Wolters Kluwer attacks in the county and I'm a big fan of Walters and Kluwer I follow all that stuff that they do actually I don't have access to their premium website and I'm sure they have.


What do you wish you'd known before immigrating to the United States?
I’m not an immigrant, but I’m a daughter of Asian immigrant parents, and I hear this topic all the time.I’ve also attempted to move back to the Silicon Valley after a 10-year stint abroad in Hong Kong and witnessed reverse-culture shock first-hand on the following:Car culture:Unless you live in NYC, you’ll be needing a car to buy groceries. In fact, you’ll need a car to go to work. (How many Americans take the bus to work, seriously?) Same goes for doctors• visits, taking kids to school, kids• extracurricular activities, and church. A company I worked for two years ago had business intelligence consultants for a 2-year contract. The consultants were from Germany. We formed an instant bond when we joked about Americans driving to the gym.Loneliness:Where are all the people?Building up from #1 above, if the distance between Walmart and Target is wider than the curvature of the earth (think Walmart, huge parking lot, 5-lane two-way boulevard, huge parking lot, then Target), there won’t be anyone walking on the streets. There’s no serendipity when everyone’s trapped in their SUVs driving from parking lot to parking lot. The reason why Americans spend fortunes travelling to Europe and Japan is because of the environment. People flow in and out of a transparent membrane between bistros, cafes, bars, shops, and the street - which is designed mostly for people and not cars. In fact, cities in the rest of the world are designed this way. But in America, we’re trapped in our McMansions, and the only serendipity we get to experience is by driving our SUVs to the mall. (Which is a pity because malls are dying now as well.)Well-mannered but distant:It struck me quite odd upon returning to the States 2 years ago for a brief contracting stint that people would smile and greet each other in elevators and buses. Imagine someone whom you didn’t know asking: “Hey, good morning, how’s your day today?” in the elevator? It never happens elsewhere in the world. But maybe it’s because of the lack of serendipity in America (as mentioned in #2). But when Americans ask “How are you?” they usually expect a one-word answer, “Good”. (No, you’re not supposed to spill out your life story - for fellow Asians and Europeans who’ve just arrived.) Most conversations with new-found “friends” just revolve around the weather and traffic. If you’re trying to organize a lunch or dinner with a group of friends, that usually takes around half a year or so, even if there are only four people in your chat group. The car culture (mentioned in #1) might be the culprit behind this - the huge physical distance between different suburbs makes it difficult to visit two places in one day, and thus weekends are largely time to run errands (when in large cities in Europe and Asia you could do all of this - and meet up with your friends for a beer or tapas- after work.)Big portions of everything:It must take a lot of overhead time-cost to drive to Costco such that people buy jars of peanut butter that could last for two years. McMansions are huge anyways. (Think 2,000 sqft for two people. The average apartment in Hong Kong is 500 sqft, and usually three people live in it.) Since there’s so much shelf space and walk-in closets, let’s fill it up with junk from Amazon and Walmart or the outlets. After unpacking the junk from our SUVs into our closets, we’ll probably never see that junk or use it ever again anyways. Perhaps after 20 years when we run out of shelf/closet/garage space that we ask Salvation Army to come.I am not going to elaborate much on food-portions when you dine out - but if you consider French and Japanese cuisine, American cuisine is around 10 times the portion. Perhaps it’s because we have to drive out 10 miles to dine out, so whatever we get better be worth it. And so there goes the reason behind quantity. But do we need 10 times as much food as the French or Japanese? When we’re walking 10 times less than they are? Car culture, suburbia, large portions, and the lack of exercise combine themselves into the most vicious cycle of all for Americans - the obesity problem. That’s why 66% of Americans are overweight while the ratio is far lower for France and Japan.Expensive Everything:When Uncle Sam’s not looking after your back, you have only one option to solve your problems (liabilities) - money. That goes for health care, child care, elderly care. My grandmother is in a convalescent home - it costs US$9,000 per month. That’s more than my take-home salary when I was working as a Senior Operations Analyst in an IC firm in the Silicon Valley. Day care for preschool children is around US$2,500 per child per month. My mom had two stitches on her finger after she cut herself with a knife by mistake while cooking - we were covered by Blue Cross - but it costed us US$5,000. (We tried waiting at the county hospital ER but we gave up after 8 hours.) I’m not going to talk about car insurance here, but you know what’s expensive if an ibuprofen shot costs you US$800. Where elsewhere you could get an entire surgery done with US$60. (Angie Ho's answer to Why do many people (including the Americans who left the US) say that living in the US is hard and that leaving the country was the best choice they ever made?)And taxes. Where is taxpayer money being used? Maybe to build more prisons - we are running out of those in California. How about public transportation? High-speed train from LA to San Francisco? Timeline is pushed back to post-2040. So get back in the SUV and drive to the gym until we get a more decent transportation system.The way things work in America is so different from the rest of the world. There are benefits to this (world class college education, innovation, technology), and then there are the bad. And most interesting is that Americans won’t talk about these silent problems - so new immigrants are more or less left to their own and spend years wondering what went wrong with their immigration experience when America was designed to be like this.
How do tax systems, codes, filings work in various countries?
In Austria, taxes (and social security, etc) are taken out of the paycheck. Similarly, taxes get withhold from interest on your bank accounts and stock dividends. Most people don't have to file a tax return at all, though if you want to claim special deductions you obviously have to, or if you have other sources of income than wages.In Switzerland, citizens get no taxes withheld from their paycheck (though I believe social security still gets withheld). It is their responsibility to file the tax return the next year (like in the US). There are local, state and federal taxes, but you largely don't have to worry about that - you only fill out the state form and send it to your local tax office.edit: Forgot to mention - in Switzerland, you also get taxed on your wealth. That means each year, you have to pay 0.1% or so of the sum of your bank accounts, brokerages, etc. You have to list it all in your tax return. Gets a little annoying to fill out.What might surprise Americans is that in both of those countries, you don't calculate your tax liability yourself. You just fill out the facts, and later get a letter from the tax office telling you how much you owe / how much you get refunded.Those are the only two countries whose tax system I'm familiar enough with to comment.
How do you pay taxes in USA and what type of taxes are there?
You should see the following on the stub of your paycheck:Federal Income Tax is taken out (“withheld”) at a rate calculated from what you put on your W-4. It is important to realize that this is not the end of the story, it’s just a guess at what your actual taxes will be.At the end of the year, you will get a statement (a “W-2”) showing how much you paid. At this point, you fill out Form 1040 (or 1040A, or 1040EZ) to figure out your actual taxes. (The deadline to fill this out is April 15) The difference is refunded to you (or paid by you.)I wish I could tell you the rate of income tax. Unfortunately, the calculation process is so complex that there’s no way to put a number on it without knowing a lot more about you. A good guess is the “median effective rate”, which is 10% of your income.State Income Tax is done similarly to Federal Income Tax. The withholding rate will again depend on your W-4 information. Different states have different rates of income taxes. Just like with your federal taxes, you need to fill out a form at the end of the year for your state tax.Social Security Tax is taken out at a rate of 6.2%. Your employer also pays 6.2% of your wages in Social Security Tax. (You won’t ever see this amount, but it’s still there, without it, your employer might give you a 6.2% raise.) You don’t have to file anything or get any refund.Medicare Tax works the same as Social Social Security Tax, but the rate is 1.45%.
If Trump wins the election, what will the United States look like in the next eight years?
This is a tough question to answer, as Trump has set out very few policy positions, and those that he has set out tend to change rapidly or are internally contradictory. We also have no way to gauge how well he would do at getting his policy passed through the legislative branch. So to answer this, we need to make two fairly big assumptions: 1) that Donald Trump means what he says (when he eventually settles on an answer) and 2) that Donald Trump is a good enough negotiator to push his policies through Congress (or that he rules by decree through executive actions far beyond anything we've ever seen in this country).The positions that Donald has staked out a clear position on are:Cut government spending and balance budget.Bring jobs back from Mexico and China.Stop illegal immigration.We can then look at each of these one at a time, to see what he has said about how he would accomplish each.Cut Government Spending and Balance BudgetTrump has promised to cut government spending and balance the budget. How he will do this is unclear. He has rejected raising the retirement age. He has vowed not to touch entitlement spending, increasing payroll taxes, reducing cost-of-living adjustments, or trimming benefits. He's claimed that he will cut out the fraud and waste, but his concept of how much fraud and waste exists is completely detached from reality. He claims that there are "thousands and thousands" of dead people collecting Social Security. In reality, a 2022 audit found 1,546 people who had received Social Security benefits despite being dead. The cost of those 1,546 was $31 million out of the $823 billion spent on the program that year (Social Security pays millions to dead people).He also claims we can trim $300 billion from the $78 billion Medicare part D budget. If anyone can show his math on this one, they'd likely be up for a Nobel prize.He's promised to slash the Department of Education and the EPA, since we don't need an educated or healthy labor force to remain globally competitive. Total combined savings: $86 billion.He's stated that he'll use the debt ceiling as a bargaining chip to get these cuts through Congress, threatening a default in order to scare the opposition into caving. The last time Republicans tried this tactic, our federal credit rating dropped from AAA to AA+. For an example on why federal credit ratings matter, see Greece. In short, a hit to our credit rating makes all of our debt more expensive to pay off. When our debt becomes more expensive to pay off, we have to borrow more money to pay for necessary infrastructure costs or eliminate services. Borrowing more money then requires that we pay it back at a more expensive rate. Eliminating services restricts GDP growth. Neither option is good. Either can lead to a spiral that collapses our entire economy.All that said, the current deficit is over $500 billion. So even if all of his impossible cuts ended up going through, without damaging our credit rating, he'd be less than halfway to a balanced budget. Meanwhile he's going to grant an enormous tax cut (largely to the wealthy) that will cost over $1 trillion a year (generously assuming he follows through on closing the loopholes he has so far specified). Meaning his tax plan alone would double our deficit, offsetting all of his cuts and then some. He also pledges to increase defense spending. And it only gets worse when you take in the cost of other programs, like his wall, which we'll get to later. Hypothetically, the budget could be patched with GDP growth when he brings all those jobs back from Mexico and stops corporate inversions, assuming his tactics don't have the potential to fail spectacularly (spoiler alert: they do).So this is one of those weird areas where his promises are completely contradictory. But none of the possible scenarios is especially good.Bring Back Jobs from China and MexicoTrump has been pretty clear about his course of action concerning China and Mexico: eliminate free trade and impose tariffs on Chinese and Mexican goods.The effect of this is pretty easy to understand. By limiting the market for Chinese and Mexican made goods, both countries would fall into a recession. Unfortunately, so would the U.S. As prices on imported goods rise to absorb the costs of the tariffs, American spending would decrease, directly affecting the American businesses that distribute and sell foreign made products (everyone from Best Buy and Walmart to smaller local businesses that rely on foreign manufacturing). If Mexico and China retaliate by placing tariffs on American made goods, as one would assume they would, companies that produce products sold largely in Mexican and Chinese markets would feel the crunch, resulting in layoffs of American workers. While it is true that we have a trade deficit with China and Mexico, it is certainly not true that Chinese and Mexican exports aren't important (US State Exports to China (2005-2014)). In fact, they are two of our three largest export markets.The long term effects are perhaps even more daunting. While we may recover some of the low-skill factory work, doing so would likely not substantively help employment. While this work is done manually in China and Mexico, much of it would be automated in the U.S. Further complicating the issue is that the goods that we export to Mexico and China are significantly more valuable than the goods that we import from Mexico and China. Our largest exports to those countries are computers and electronics, agriculture, machinery, chemicals (including fuels and plastics), and transportation. Effectively cutting off access to those American made goods will force them to look elsewhere to fill those demands. Worse, it may spur investment in those industries. Do we really want to see an increase in Chinese computers and electronics? Mexican crop production? Chinese planes? Mexican cars? All to save our textile and plastic goods industries?No matter how you look at it, a trade war with two of our biggest trading partners is a bad deal. Sad.Stop Illegal ImmigrationThis one's been covered ad-nauseum, so I'll just touch on the highlights. Trump's plan to build a wall is prohibitively expensive and completely impractical. It doesn't address the problem of immigrants overstaying visas, which accounts for upwards of 40% of illegal immigration. It only affects land crossing on the Mexican border, which already has a 80% turnback rate, so any improvements would be on the margins. It would enrich the Mexican cartels who have the labor capital to build and maintain tunnels already used to ferry drugs into the U.S. in the areas that have border fencing.He'll deport 11 million undocumented immigrants, which will require building and maintaining additional holding facilities along the border, since the ICE is already operating at close to maximum capacity and without suspending actual hearings and verification, there's no way to deport faster than we currently deport. Or, hey, maybe he suspends the right to trial. Either way, we lose cheap labor. That, in turn, drives prices up, if it doesn't collapse the agricultural sector altogether. It drives restaurants out of business. It drives service sector prices through the roof.Basically, this is a dumb idea. For any number of reasons.Everything ElseThe rest of Trump's policies have swayed with the winds or he is totally inscrutable. He's either pro-life to the point of wanting to punish women, or he's totally okay with states deciding, or he's pro-choice.He believes global warming is a hoax perpetrated by the Chinese, and that "oil is the lifeblood of our economy". That would have been a bold statement one hundred years ago, but now carries all the wisdom of investing heavily in Blockbuster stock.His foreign policy doctrine is "be unpredictable" and "be reliable" ... "support our allies" but also "charge our allies if we help them" ... "don't get embroiled in foreign wars" and "vigorously defend the South China Sea from Chinese settlement" ... "don't let our enemies get nuclear weapons" and "sell nuclear weapons to the Saudis” (who funded the 9/11 attacks) ... He thinks that the nations bordering the Ukraine should have stepped in to help defend it against Russia, perhaps unaware that the biggest military power bordering the Ukraine is Poland, followed distantly by... Hungary? Maybe. Moldova? Who knows. But I'm sure one of them could have taken Russia out. It's basically a mess of exceptionally ill-informed contradictions, none of which make a lick of sense. Which I guess is "unpredictable", though not in a particularly good way. More the type of way that will cause our enemies to giggle and our allies to not really want to deal with us.So where do I see us after four years of a Trump presidency? Somewhere between "huge economic recession and completely unmanageable deficits" and "flaming dumpster fire", depending on how much he gets his way and how serious he is about his current positions.
Home based tech support business making $30k a month how much tax do you have to pay on that?
These are all approximated so do not take them seriously. Anyway, here is the math all worked out:Forgive me if I made a mistake somewhere, as the calculations and writing were done in my phone simultaneously.$30,000/month * 12 months = $360,000Federal income tax correlated with your income, filling single = 33%Federal Tax = $360,000 * .33  = $118,000Since this is a worst case scenario, I will use California's income tax rate. California's income tax rate for your bracket = 11.3%.State Tax = $360,000 * .113 = $40,680Add all of the income tax together:Federal Tax + State Tax = $118,000 + $40,680 = $158,680Income Tax = $158,680Utilizing the information provided by Mr. Karp, social security is taken out at a rate of 15.3% of the first $118,500. Following that is Medicare which subtracts 2.9% on all income and then a "supplemental" tax of 0.95% on all income exceeding $200,000.Social Security = $118,500 * .153 = $18,130.50Initial Medicare Tax = $360,000 * .029 = $10,440Supplementary Medicare Tax = ($360,000 - $200,000) * 0.0095 = $1,520Social Security + Initial Medicare Tax + Supplementary Medicare Tax = $18,130.50 + $10,440 + $1,520 = $30,090.50Supplementary tax = $30,090.50Now add everything up:Income tax + Supplementary Tax = $188,770.50Well hopefully I didn't miss anything or make any mistakes, but in the end you would owe $188,770.50 to various agencies around the country.Remember this is not accounting for other supplemental taxes involved for businesses and such.I hope you have a great day!
Why are medicare taxes taken from paychecks if it is also taken out of social security benefits as well?
The tax that is deducted from your paychecks is just that -- a tax -- and it funds a good portion of Medicare. Not your Medicare benefits, but Medicare in general.The amounts that are taken out of your social security benefits are premiums that you owe for your Medicare benefits -- specifically Part B or C, and Part D if you have it. (As was already mentioned, Part A is free -- at least as far as additional premiums are concerned.)So, one is a tax that has nothing to do with your benefit specifically, and the other is the premium specifically for your benefit. Two totally different things.
I make $800 a week. How much will that be after taxes?
This calculator estimates your net pay or "take home pay", which is wages after withholdings and taxes. Salary Paycheck Calculator | ADP
What deductions (income taxes...) do I have to face in California (San Francisco)?
The tax calculations have a lot more parameters than you mention, and it is far simpler to look them up than to calculate them from the underlying formulas.  If you are an employee, your employer will calculate payroll deductions that more or less approximate the tax you will owe but tend to be on the high side.The government sites' tax calculators are downloadable applications, so instead I used one from surepayroll, which seems to have the best search optimization (it was the first relevant-looking google search for "payroll tax calculator").  Here: http://www.surepayroll.com/calcu...Filling in your numbers: 2022 taxes for single person living in California, 3 allowances, no additional allowances or voluntary withholding, produces:$210,000 salary$49,356.50 federal withholding (23.5%)$4,626.20 social security (2.2%)$3,045 medicare tax (1.45%)$18,173.54 california state tax (8.65%)Total taxes withheld: $75,201.24 (35.8%)At the end of the year you will calculate your actual taxes, and make up the difference with a refund or payment.To give you an imprecise sketch of how those taxes are determined, federal taxes are applied in bands, as successive portions of your income are taxed at increasingly higher rates (see http://taxes.about.com/od/Federa...10% of income from $0 to $8,700, plus15% of income over $8,700 to $35,350, plus25% of income over $35,350 to $85,650, plus28% of income over $85,650 to $178,650, plus33% of income over $178,650 to $388,350, plus35% of income over $388,350Your total income throughout the year (which might include side jobs, interest, bonuses, and other things not taken into account on your payroll witholding) is considered "gross income".  Several small items are deducted in order to calculate "adjusted gross income", and then a number of larger items are deducted to produce "taxable income", which is what the above formula applies to.  Most importantly, the total amount of state taxes you have paid throughout the year are deducted.  This includes the $18,173.54 California withholding - not the amount of California taxes you will owe on your yearly California tax forms, but the actual amount you paid.  If there's a refund or make-up payment, that comes in next year unless, realizing that, you make an additional contribution to the state before the end of 2012.  Certain portions of real estate taxes, home mortgage payments, vehicle license fees, unreimbursed business expenses, etc., may be deductible if they qualify, and there can be some other special tax breaks that get thrown in.  This is where the politicians like to tweak things in order to say they're giving people a bonus, but they usually amount to no more than a few hundred dollars, if that.  If the total of all the state and local tax payments and all of these other deductions and they exceed a threshold called the "standard deduction" ($5,950 for married filing separately) you use this amount and file a more lengthy return, otherwise you take the standard deduction and typically file a shorter return. State taxes are based on federal income, with a different but roughly parallel set of deductions.  On the tax form this is expressed as "adjustments" that apply to your federal income in order to get state taxable income.  California has a series of marginal tax brackets just like the federal government, starting at 1% and rapidly topping out at 9.3% of income over $46,766 (10.3% of income over $1 million).If you run your own business or receive consulting rather than payroll income, you have to pay a special "self employment tax", and your business expenses are direct reductions in your calculated income rather than tax deductions.  Other forms of income like royalties, capital gains, and income from rental property have their own rules.Here are a couple additional issues if you are a nonresident alien.  If you are on an F-1, J-1, M-1, or Q-1 visa (not sure about H-1B), you do not owe social security or medicare tax (or self-employment tax), as you are not eligible for these government benefits.  If that has been deducted from your paycheck it is refundable at the end of the year.  You are also ineligible  to file a joint married return, so instead you file as "married filing separately".  That option is not available on the payroll forms, so you check the box for "married, but withhold at the higher single rate".  See  http://www.irs.gov/businesses/sm...I'm not an accountant, and I might have missed a few things.  This is intended as an illustration of how taxes work and not financial advice to you.
How much federal taxes are taken out of $7718.69 in the state of New Jersey?
There are two parts to this question - federal and state taxes are calculated separately.For federal taxes, you will be subject to last years• federal income tax brackets. For 2022. you will owe somewhere around 10% on anything below $9,275. The exact amount will vary depending on your filing status, taxable portion of the income, deductions, exemptions, credits, and so on.For NJ state taxes, you will owe $108 according to the current tax table (your amount falls between the $7700 and $7750 line). See link below for more information (click on Tax Table):NJ Division of TaxationFor general information and tax forms, visit NJ Division of Taxation Home PageHope this helps.
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