Published June 21, 2019 Features Bankrate.com Facebook Twitter Comments Print video Men in US could outlive retirement savings by 8 years, women by 11 years: WEF Ramsey Solutions financial expert Chris Hogan on the steps to boosting your retirement plan. Experts often say that the foundation of a retirement plan is like a three-legged stool, with the legs of the stool being Social Security, employer-sponsored retirement benefits and personal savings. Continue Reading Below Social Security benefits will be a big portion of monthly retirement income for many Americans, and it helps to know how the benefits are calculated. MORE FROM FOXBUSINESS.COM MEDIAN AGE IN US RISES TO 38: HOW IT MAY IMPACT HEALTH CARE, ENTITLEMENTS HOW TO SPOT JOB SCAMS ONLINE AND AVOID LOSING MONEY The first step is to determine whether you are entitled to Social Security benefits. To qualify for your full benefit, you must have accrued a certain number of … [Read more...] about How Social Security benefits are calculated
Self employed how to pay social security
provided by Published 9:00 am CDT, Monday, March 25, 2019 MoneyTips Social Security is generally considered a tax-free benefit, but that is not always the case. Depending on the amount of alternate income that you have in retirement and your filing status, you could owe taxes on up to 85% of your Social Security benefits. If you receive Social Security or Social Security Disability Insurance (SSDI) income, you will also receive a Form SSA-1099 from the government. This form tells you the total amount of your benefits but does not tell you if any of your benefits are taxable, or at what percentage. You can IRS Free File to e-file your return (if you make no more than $66,000), and the software will figure the taxable component of your benefits for you. However, you can get a reasonable estimate by combining half of your Social Security benefits with all other income (including tax-exempt interest) and comparing it to the base amounts that are excluded from tax. Anything … [Read more...] about Are My Social Security Benefits Taxable?
Eric Rosenberg, provided by Published 9:11 am CST, Thursday, February 28, 2019 Personal Finance Insider writes about products, strategies, and tips to help you make smart decisions with your money. Business Insider may receive a commission from The Points Guy Affiliate Network. Flickr/garryknight You can pay taxes with a credit card through third-party providers — not through the IRS website. If you cannot pay off your credit-card balance immediately, you are better off setting up a payment plan with the IRS than using your credit card to pay your taxes. Paying taxes with a credit card to earn a big sign-up bonus or reward points makes sense if the value exceeds the credit-card fee you will be charged. You can pay your taxes with a credit card, but that doesn't mean it's always a good idea. The IRS allows you to pay with a credit card through third-party partners or when you e-file your taxes through online tax services like TurboTax or H&R … [Read more...] about When it makes sense to pay your taxes with a credit card — and when it doesn’t
provided by Published 3:00 pm CST, Tuesday, February 12, 2019 MoneyTips As a self-employed person, you probably watched the development of the Tax Cuts and Jobs Act with some trepidation. The tax code is not often kind to the self-employed, nor are most of the changes to the code. However, the new tax law retains most self-employment deductions and offers a few new forms of relief – even if you don't have billions of dollars parked offshore waiting to be repatriated. Consider these 15 tax deductions that can help you pump more of your proceeds into your business instead of the public coffers. 1. Self-Employment Tax Deduction – Unfortunately, in the eyes of the IRS, you are both an employer and an employee. Thus, you are responsible for both the employer and employee tax contributions to Medicare and Social Security. Fortunately, 50% of your employment tax payment (effectively your "employer" contribution) is tax deductible. 2. Qualified Business Income … [Read more...] about Top 15 Tax Deductions For The Self-Employed
The income value that health insurance providers, or Krankenkassen, estimate self-employed people earn monthly will drop from €2,284 to €1,038 from the start of 2019. So anyone who earns less than €2,284 will see a decrease in their public insurance contributions all the way down to €1,038. While it is required that self-employed people give their health insurance provider their estimated yearly earnings, the Krankenkassen asked for a minimum contribution of €420 - even for a freelancer who earned €1,000 per month. Yet now, under the new change, it's expected that contributions for low-income self-employed people will drop from around €420 to €190 per month, according to Spiegel. If you earn less than €1,038 you will still have to pay more than your fair share, but it will be significantly lower than it is currently. For example, if you earn €900 per month, your contributions will be calculated as if you earned €1,068 … [Read more...] about How self-employed people in Germany will finally be able to afford health insurance