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Started By
Message
Is cashing out vacation benefits
Posted on 5/31/13 at 1:09 pm
Posted on 5/31/13 at 1:09 pm
counted towards earned income? I'm trying to keep someone below the threshold where Social Security is taxed heavily.
4
Posted on 5/31/13 at 1:17 pm to Broke
Yes
it will be included on their W-2 box 1
it will be included on their W-2 box 1
This post was edited on 5/31/13 at 1:18 pm
Posted on 5/31/13 at 1:36 pm to Broke
Did you earn income from it?
Yes, yes you did.
Yes, yes you did.
Posted on 5/31/13 at 2:30 pm to Broke
It always was when I did it.
Posted on 5/31/13 at 4:25 pm to Broke
quote:
I'm trying to keep someone below the threshold where Social Security is taxed heavily.
What?
Social Security STOPS being taxed at 113,700.
Medicare tax increases to 2.35% from 1.45% starting at 200k for a single taxpayer, 250k for married filing jointly.
Of course, if you're making 200k, you should probably be more worried about the assloads of federal income tax you're going to pay instead of the medicare tax.
Posted on 5/31/13 at 4:50 pm to FinleyStreet
quote:
Social Security STOPS being taxed at 113,700
Not what I'm talking about but thanks anyway.
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