We are in the middle of an important election year so expect to hear a LOT about Social Security and Medicare as the candidates do battle to see who will be in office next year. In response to the increasing debate about the health of Social Security and Medicare, last month the AARP – a […]
Social Security Switching to Electronic Payments in 2013
The Treasury Department announced today that they will discontinue mailing out paper checks to beneficiaries receiving federal benefits (including Social Security) next year. Once in effect, people who receive Social Security, veteran’s benefits, railroad pensions and federal disability payments will need to choose between direct deposit and a debit card to receive their benefits. This […]
Social Security Means Testing – Can Means Testing Save Social Security? Most Say No…
One of the hot topics of debate in this election year is how to keep Social Security solvent. Every presidential candidate dreams of being the one to save Social Security, so you can be sure that we will be hearing a LOT about Social Security between now and November. Many strategies have been suggested to […]
How to Report SSDI Lump Sum Payments
In Is Social Security Disability Taxable I discussed when someone who receives disability benefits might owe taxes on those benefits. Whether your disability is taxable or not depends on what other income you have. To recap… If you are single and your modified adjusted gross income plus half of your Social Security benefits is less […]
Payroll Tax Cut Extended for the Remainder of 2012
Update: The payroll tax cut was allowed to expire on December 31, 2012. You should have noticed an increase in your tax withholding on your first paycheck in 2013. In a surprising early decision (for Congress), the 2012 payroll tax cut was extended for the remainder of the year. After the House and Senate couldn’t […]
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