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Old 07-16-2015, 01:18 AM #11
Hopeless Hopeless is offline
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Default Confused

Quote:
Originally Posted by Rayandnay View Post
Due to taxable insurance annuity from my former employer, I pay social security taxes every year until age 69
FICA taxes and Medicare taxes are withheld from WAGES. I am confused by your post.

Are you saying that 6.2% of your annuity payments are being withheld for FICA? And Medicare taxes are also being withheld?

Are you also having Federal Income Tax withheld from the annuity payments?
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Old 07-16-2015, 09:41 AM #12
Rayandnay Rayandnay is offline
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Thumbs up Hopeless

Quote:
Originally Posted by Hopeless View Post
FICA taxes and Medicare taxes are withheld from WAGES. I am confused by your post.

Are you saying that 6.2% of your annuity payments are being withheld for FICA? And Medicare taxes are also being withheld?

Are you also having Federal Income Tax withheld from the annuity payments?
You are correct, some new tax law
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Old 07-16-2015, 09:46 AM #13
Rayandnay Rayandnay is offline
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Thumbs up Not sure

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Originally Posted by LIT LOVE View Post
If they're agreed to keep extending your DLi, then you can amend your AOD to your 60th birthday if needed.

Have you checked to see if your monthly benefits will drop substantially if you amend your AOD?
I have checked, but that part I'm not sure, doesn't look like they will drop.
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Old 07-16-2015, 10:59 AM #14
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Default What law?

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Originally Posted by Rayandnay View Post
You are correct, some new tax law
Do you get a W-2 showing FICA withholdings each year?

If not, what type of form do you receive each year showing the amount of FICA that has been withheld?

Do you get a 1099-R form?

I am unaware of any "new" law that would collect and withhold FICA and Medicare taxes when there are NO wages. Could you please tell me what new law you are referring to in your response?

I would really appreciate any enlightenment you can shed on this matter.
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Old 07-16-2015, 11:41 AM #15
Rayandnay Rayandnay is offline
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Post Hopeless

Quote:
Originally Posted by Hopeless View Post
Do you get a W-2 showing FICA withholdings each year?

If not, what type of form do you receive each year showing the amount of FICA that has been withheld?

Do you get a 1099-R form?

I am unaware of any "new" law that would collect and withhold FICA and Medicare taxes when there are NO wages. Could you please tell me what new law you are referring to in your response?

I would really appreciate any enlightenment you can shed on this matter.
I get a w-2, as far as the tax law, my Union explained it, it's over my head.
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