Paying

States Tax Social Security Benefits: How to Avoid Paying Taxes on Your Social Security Money and Which States Tax Benefits

DENVER, Colorado – Social Security beneficiaries received a significant cost-of-living adjustment, the largest in four decades, in 2023. However, this increase in payments might result in a financial hit during tax season. While federal taxes on Social Security income are a known fact for retirees, it’s essential to be aware that some states also impose taxes. Around a dozen states are currently taxing Social Security benefits, but this number is expected to decrease in the …

Read more

Immigrants Benefit Social Security by Paying Into System, Contrary to Trump’s Claims

Jacksonville, Florida – Former President Donald Trump criticized President Joe Biden in a fundraising email, claiming that granting legal status to undocumented immigrants would have a detrimental impact on Social Security. The email from Trump’s campaign committee and the Republican National Committee warned about the potential consequences of mass amnesty, stating that it could lead to the destruction of Social Security. However, experts argue that Trump’s claims are misleading, emphasizing that undocumented immigrants are not …

Read more

Exempt: Four Groups Who Can Avoid Paying Social Security Taxes

Miami, Florida – Employees and employers in Miami, Florida, usually both contribute to Social Security taxes at a rate of 6.2% of earnings, up to the $168,600 wage cap in 2024. The Social Security Administration reported that approximately 180 million individuals paid these taxes in 2023, with few exceptions available for opting out. However, certain groups, such as eligible student workers, qualifying religious group members, certain government employees, and some nonresident aliens, may avoid paying …

Read more