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Video instructions and help with filling out and completing Social security income tax form

Instructions and Help about Social security income tax form

He's claiming Social Security benefits at the earliest age possible of 62 the best strategy that is the subject of this episode Music welcome back to another episode of The Financial Fastlane my name is Layne Martinson and when we consider claiming Social Security benefits there is a strong tendency to want to get those benefits as soon as possible at age 62 the majority of Americans who are eligible to receive benefits do claim them at age 62 but is that really the best strategy a few months ago I created a video we had an episode where we talked about the differences of claiming and delaying and what that looks like and we broke that down if you haven't had a chance to see that video I would suggest you look at it that video has received a lot of attention and hundreds of comments and it was interesting to see how many people commented where they took issue with one of my statements in that video where I pointed out that 74 percent of everyone who is currently receiving Social Security benefits are receiving less than what they were eligible to receive and that that was a result of poor planning and so I wanted to clarify that point there are there are many times who are claiming early claiming at age 62 is the best option but it really depends on your specific situation and a lot of times people they feel like that's their only possible option there could be and not maybe taking into account that other people situations are quite different than theirs and so there are it is quite complex and when you take into account taxation on Social Security when you take into account the other factors when you're taken to a account you know if you're married or if you're single sources of income health there's so many different things that go into a good plan and more often than not people are leaving money on the table because they just claim early they have no they really kind of have no confidence in any kind of long-term planning so in this episode here I want to share a clip this is from a panel of experts from the American College and they discuss this very issue and so I hope you find this beneficial please share comments so well you know we've seen longevity come up a couple times and I think we're going to jump over to a different topic now and talk about Social Security right because that's you know if not the most important aspect of retirement in America is an income source it's got to be right up there right it's going to be the primary income source for most of Americans and as students who have been in my classes before you might remember I kind of go around when we get to Social Security and I point at people I say you.


What is one thing you think will solve many problems in American politics?
Some have been stated beforeThe only ONE thing that would do the most is to toss all the elected officials out, don’t allow them to run again, and elect people whose only agenda is to run a sane and fiscally responsible government. But that won’t happenThe objective is to take away the financial incentives that elected officials have foisted on the public and to make the press and candidates accountable to the truth.term limits - no more than 2 consecutive terms for any senator or congressman- They could be re-elected after being out of office for one term. We need representatives that know how the laws work and which are needed. We don’t need people who know how the system works and who have learned to work the systemdo not allow pork-barrelling (I’ll vote for your bill if you add this)Get rid of their high salary and their health care and retirement perks. They should not be more entitled that Joe Public to special treatment. They should live with the laws they pass and their earnings as elected officials would do no more for them than the earnings of Joe Public does for him. No paid offices, no paid staff, no bodyguards after they leave office.No new spending without having a way to spend itoverhaul the tax systemHave them submit to the same type of scrutiny that they put Kavanaugh through. If at a later time it is found out they lied, then they automatically get terminated.Make it illegal for them or their family to accept any gifts or loans from anyone with political interests. Not even a paid for meal or as a speaker to their event. Automatic termination for the smallest violation.Make it illegal for them to take a job as a lobbyist until 5 years after they leave office.Make laws requiring the press to tell the truth without ignoring some of the facts. If they are found to have “spun” the news, fine the news organization and suspend the reporter or talking head for one month without pay. Also, charge them for free airtime for candidates to present their platform which would accrue until election year. That time and fine and pay would all be used to fund the campaign time.get rid of political campaigns. Each candidate would get the same number of free airtime to present their case and answer questions posed by opponents. This would be paid for by the fines and penalties against news networks and advertisers just like any other TV or Radio show. Everything would be fact-checked and liars and exaggerators would be called out and be disqualified. There would have to be a system in place so that not everyone who thought they were capable could run. Maybe an initial test on whether they understood the law? And so many signatures? That would be the biggest challenge. Or to have each political party decide which candidate to run. And independent could run with enough signatures.Candidates would have to present the full truth on their literature and websites. They would have to accurately reveal the problems with their opponent's platform.when a candidate makes a promise before an election, they would put a time frame on it. If they do not accomplish it in that time frame, they step down regardless of office. This would prevent them from making promises to get votes and would let voters know when to expect the results. The candidate should be able take opposition into account when making those promises. Candidates should tell how they intend to prevent the promises of one another.
If I don't earn enough money on social security to file income taxes, will I still need an income tax return to fill out a FAFSA, and other financial aid forms for my daughter?
No. Just prthe information requested on the form. If you later need proof you didn't file, you can get that from the IRS BY requesting transcripts.
Is the taxation in Nordic countries really as bad as they say? I prefer to hear answers from actual Nordics.
All Nordic countries are different, except perhaps Finland and Sweden, which have almost identical average wages and price levels at the moment. Legislation and labor code have long been very much alike.Tax calculations are produced in different ways and taxes are spent in slightly different ways, but it wouldn’t surprise me if the tax percentages were within a reasonably close margin.The following calculation is for Finland.As local tax payers do, go to the income tax rate calculator 2019.Fill in municipality, parish (if any) and year of birth. We’ll leave all else blank.On earned income, we’ll just fill in the first box in the form. Say, 40,000€ ($45,000) for a median income in the private sector.You could play with other variables like capital income, but this is a very basic example.Next are deductions. Common deductions include home loan interest, student loan interest and commuting expenses. We’ll just claim annual 300€ ($340) from trade union membership fees and unemployment fund payments.Rates used for calculation:Resulting income tax for 2022 is 18.5%, of which 18.0% is municipal tax.Full disclosure, 0.815 x 40,000 isn’t your annual net salary. There is withholding tax we need to take into consideration. That covers pension, unemployment and health insurance, and is paid by your employer. (Here’s probably where practices vary between countries the most).So we’ll visit another online calculator. This one’s only in Finnish and Swedish, not English.Same example salary, same example age. No deductions. Add the income tax percentage calculated before and you get an estimated annual net salary of 29,300€. That’s 27% tax on income. All included.Here’s a taste of what ‘all• entails. The Social Insurance Institution of Finland in English online. (Apparently they also have an Instagram account!)You might be interested to know how much you spent on healthcare there?It’s indirectly supported by the municipal tax, but the health insurance, specifically, came to 988€ ($1,120) a year, which was suspended from your income in monthly installments of 82.33€.For 80% of the population this will do. Approximately 20% have a private health insurance.There’s more than income tax, of course. Let’s check out the tax payer info online. Only brief summary available in English there, sorry.Here’s the whole tax contribution sorted by source.Finland’s taxes in 2022. million euros34,404 from income tax31,848 from consumption27,068 from mandatory social security payments, incl. the withholding tax we saw earlier.Property tax is in the bottom-right corner, there. Everything else is pretty insignificant.We’ve already broken down the two big ones. Zooming in on consumption now.20,404 MEUR tax revenue from VAT (value added tax)4,324 from energy (gasoline, electricity)1,340 from alcohol. The state monopoly liquor store online1,169 from taxes on vehicles …962 from tobacco products…1,021 MEUR from national lottery and gambling.Yes, gambling. Tax revenue from horse races and slot machines is used for supporting sports and culture.Tax contribution being made in a supermarketVAT is a tax on consumption. Those who do not consume, do not pay. Value added tax is generally 24%, but reduced on basic necessities:14 % on groceries, restaurants and meal services10 % on medicine, accommodation, transportation, books, sports and recreation.VAT is not paid for exports.Here’s how it plays out in general price levels.Cost Of Living Comparison Between United States And FinlandFinnish people on average have 16.29% less disposable income than Americans. That difference suspended from your salary covers an array of social services, incl. universal health insurance in EU, higher education, nine months parental leave, subsidized daycare• things Americans tend to pay more out of pocket for.With subsidies, preschool and daycare is 63.41% cheaper in Finland.Here’s the widest margin in USA’s favor:Gasoline is +141.15% more expensive in Finland. I certainly noticed the difference on a road trip in USA earlier this year.Jeans and domestic beer are also much more affordable in USA. Groceries are more affordable in Finland and EU in general. With 14% VAT and all.To answer your question, is it bad? I recognize that there’s a significant chunk of my income gone every month, but I don’t feel bad about it considering what I’ve gotten in return. I was a net receiver for the first 25 years of my life. Now I pay back. I also support the services that my parents as pensioners need.I like that I have information available on what my contribution amounted to and what it’s spent on.What do you think, does it look bad?Edited to add:Look, it comes down to different mindsets. Living in the USA I would probably groan about taxes too, because the way the society is set up, you need a lot of disposable income to afford good living. Anything that hampers with that, incl. taxes, leaves lower/middle income earners with less options.This isn't the way it works in Europe. Tax-funded services prthe kind of security and opportunities that lower/middle income earners would struggle to obtain. This is most clearly demonstrated in health care and education.
How do I fill out my FAFSA?
The FAFSA isn't as scary as it seems, but it's helpful to have the documents you'll need handy before you fill it out. It's available starting January 1 of the year you'll attend school, and it's best to complete it as early as possible so you get the most aid you'll qualify for. Be especially mindful of school and state deadlines that are earlier than the federal deadline of June 2022. Check out NerdWallet's 5 Hacks to Save Time on Your 2022 FAFSA. These are the basic steps: Gather the documents you'll need to complete the form by following this checklist.Log in to the FAFSA with your Federal Student Aid ID. You'll need an FSA ID to sign and submit the form electronically, and your parent will need one too if you're a dependent student. Create one here. Follow the prompts to fill out the FAFSA. This guide will help you fill it out according to your family situation. You'll be able to save time by importing income information from the IRS starting Feb. 7, 2022. Many families don't file their 2022 income taxes until closer to the deadline of April 18. But it's a good idea to fill out your FAFSA earlier than that. Use your parents' 2022 tax information to etheir income, then go back in and update your FAFSA using the IRS Data Retrieval Tool once they've filed their taxes. More info here: Filling Out the FAFSA. 
Do illegal immigrants pay income taxes?
Some do, with a “borrowed” Social Security number where, at the very least, Social Security, Medicare and state unemployment taxes are withheld. Some will apply for something called an Individual Taxpayer Identification Number (ITIN) using some kind of identification. An ITIN doesn’t give anybody the right to work but it does give the IRS a way to track a foreigner’s (legal or illegal) income and tax it, regardless of their immigration status, which the IRS does not care about and due to their privacy rules, will not ever turn any information about the ITIN holder to the USCIS either unless a subpoena is filed. This is what makes the immigration debate rather ridiculous sometimes• if the US government *really* wanted to get rid of a lot of illegal immigrants, the IRS would be a gold mine of information in finding the illegals (I realize they wouldn’t find all of them), IRS privacy rules be damned• but that will never happen because the reality is, this country could not function without a lot of the hardworking illegals here, the US government wants the tax revenue they generate and is also happy to collect the Social Security and Medicare taxes from illegals that will never serve any benefit to them if they choose to retire in the US. Not defending illegal immigrants by any means but let’s just say the theories and the realities behind immigration laws and policies are nowhere near the same thing.
I'm going to be moving to Hong Kong next month. What do I need to know?
The way to find the apartment is to find the neighborhood you want to live in, and walk into a real estate agent for that neighborhood.  Hong Kong is pretty compact, so it doesn't make that much difference if you live on the island.  I know a few people that live in Shenzhen (much, much cheaper) and commute to Central every day.Bank account:  go into a bank with your passportPhone: You can get your iphone unlocked at which point there are all sorts of competitive cell plansInternet: Also lots of competition.  Cost of living: It can very widely.  The big cost is rent, and where you want to live and how much you want to pay is up to you.  Expat things tend to be more expensive.The only thing that I haven't been able to get in Hong Kong are tamales.Some random things....1) The most annoying thing is to find schools for the kids.  One thing that I found out was that you should e-mail the schools to see if there are any places open before filling out any applications.   That will save you a lot of time, and if a school doesn't respond to your e-mails, that means they aren't interested.Also you'll find that people will keep their space in a school until the last minute.  We were put on a lot of wait lists, and the day before school started we got calls seeing if you are interested.2) The housing reimbursement program is not a separate account.  You fill out a form saying that you want X of your income to go to housing, and that gets set up tax-free.  I was confused because I thought it was like an account in the US where the money goes into a separate account.3) Pensions work differently in HK.  One big mistake that I made was because pension matches are subject to US tax, I minimized my pension match since I assumed that I wouldn't have access to the funds until I was retiring.  What I didn't realize was that outside of the minimum contribution, you get the full pension benefit in cash when you switch employers.  If I realized this I would have maximized my employer match.4) If you are a US citizen/resident, you will need a tax accountant for the first year.  The taxes are low, but you will have to fill out a ton of forms.  Once you know how to fill out the taxes, then you can just copy them over to future years.5) If you have a choice you want to get paid as a HK employee and not a US employee, the tax rules are different and in particularly as an HK employee you do not have to pay US social security taxes.  The income tax is about the same, but as an HK employee you don't have payroll withholding.
How many Indians have left this country to settle in developed countries because they do not like something about India?
The reason why I want to leave India. ( I will never leave India by the way. I am deeply attached to India. Changing my country is like changing my mother. I also believe that if God wanted me to be born in Spain, Nigeria or UK, I would have been born in one of those places. But God wanted me to be in India for a reason.)However Hypothetically.1.Lack of Discipline.There is a sense of competition everywhere. Whether it is for an empty seat in a bus or a good spot under a tree, people fight viciously for it. This is probably because of the overpopulation and lack of opportunities in our country. 2. Racisim.People might want to down-vote my answer because of this part of my answer. But I have observed rampant castesim and regionalism in India. The word "Racisim" is a strong word and would draw global attention. Probably that is why the Indian media prefers using words like castesim and regionalism. Regionalism is even present among the educated classes, but if you are a Tamil  visiting Cochin, words like "black dog or Pandi Patti" are common. One of my friend, who is a Bihari was often the subject of many jokes in our office. I wonder how she must feel. I'd rather be called "brown curry smelling Indian" by a Caucasian than a "Pandi Patti" by a Malayalee.And the latter hurts much more.About Castesim. Castesim is still alive and growing in the country. The reservation system established by the Government serves only the classes who are already uplifted. There are numerous dalits who are put through untold torments. Unlike the West where anyone can become rich, The Indian economy is solely in the hands of a few caste. ( I belong to one such caste, the very reason why I am here right now)The top ten richest men in India are all Baniyas. Surprising!3.Pride and PrejudiceIndians are naturally proud. This is sickening.We calibrate a person, based on his social status, skin color, caste ect.If a rich person throws a tantrum at a shopping mall, we are okay with it. After all she is rich and deserves better treatment.If a poor person fights outside a government office, we want to put him in place.A rich person is called "Sir" ( wonder who knighted him), by the police, government officials ect. A poor man is treated like dirt.The chief Minister's convey was going byA poorly dressed man was hit on the head and chased away like a dog to a corner. This man is a father. Imagine how his children might have felt at their father's dishonor. ( I would have shot the police if he were to treat my father like that. I don't mind going to jail for that)The chief Minister's convey was going byTwo ladies, dressed in modern clothes were escorted, gently with respect to the corner.This doesn't happen in the west. Of course celebrities often get better treatment, but these ladies weren't celebrities. They were ordinary women, who belonged to the upper-middle class strata.4.Lack of Human Rights.There is a false statement "India is not a safe place for women"But the truth is that "India is not a safe place for honest, men and women"If a girl wants to destroy a man's life, she can do it legally. She can walk away unscathed even if the case is false.In the US and UK it is a different story. Rapist are jailed for 40 or 60 years and false rape accused are also arrested.This is what happens in UK to women who do that. They are publicly shamed by the media and are jailed.Woman is finally jailed after FIVE false rape allegations against her ex-boyfriends in eight yearsMother-of-four jailed for inventing fake rape claimThey have done justice in this case. The picture of the lady is displayed while the pics of the men, who were wrongly accused, are censored. Hats off Dailymail and UK.Woman jailed for falsely accusing two soldiers of trying to rape herWicked women who cried rape trapped by three-in-bed photosWomen can be sexual predators.Headteacher once hailed as a ‘visionary• is jailed for EIGHT yearsThese things happen more in India, but Justice is never done.Now for the Women.There is male chavinism in various fields in India and I would certainly acknowledge that.Sadly over 60% of Indian women do not control their future. Their fate is decided by their father, brother, husband, son.It is terrible for an uneducated woman to make it big in India. The patriarchal society might take a few more decades to change.
What levies should I pay in Russia as a self-employed person?
As a self-employed individual entrepreneur (ИП or индивидуальный предприниматель) in Russia, you fall into a 6% tax bracket if your income is 300 000 roubles per month (around $5 000) or into a 7% tax bracket if it’s between 300 000 and 2 million roubles per month. If you make over 2 million roubles per month • you must register at least an LLC (in Russia • OOO). There are two forms of taxation available to you as individual entrepreneur: flat-rate (described above) or declared income/expense, in which case you need to calculate your income vs. expense on a quarterly basis and pay taxes on the difference, at a higher rate, I don’t remember what that is. Also, as an individual entrepreneur, you cannot have any employees on the books • you are the sole employee/owner.The flat-rate tax is just that • there is no additional taxation, no declarations (other than standard annual paperwork), no income tax • nothing. You do not need to go through the motions of paying yourself a salary. The money is yours, you do not need to justify its use to anyone. In this respect it is much like the LLC in US.
Do freelancers have to pay tax?
In the UK, You must declare all income that is not already taxed at source. Be aware that HMRC are very hot on catching freelancers or traders those are earning money and not declaring it to HMRC. As a freelancer, if you are paid via a payslip (PAYE) and tax is being taken “at source”, you might not need to do anything. It is different, however, if you’re a freelancer, as freelancers are usually paid gross income and therefore it is your responsibility to make sure you do your own tax return, calculate the correct tax, and pay HMRC by the deadline. Now, seeing as this whole exercise is somewhat cumbersome, you like hundreds of other taxpayers can probably use the help of an accountant.In order to work out the amount of tax you need to pay there is a raft of rules, reliefs, and exemptions, which you might misinterpret, miss out on, or miscalculate, but which an accountant can work out for you, and help reduce the amount of tax you will have to pay as well.Remember, anyone who thinks they can get away with not paying tax or not filling out a self-assessment tax return (SATR) for income not already tax at source is seriously misguided. That you can get away without paying tax or “disguise” income is a myth. To this end, HMRC’s ability to snoop into your online transactions, bank accounts, and all other personal records are boundless.If you start working freelance, most likely you’re classed as a sole trader. This means you’re self-employed and you must inform HMRC at the earliest opportunity that you are a freelance or self-employed and register for self-assessment, in order to declare all your income that’s not already taxed at source. You do this on a self-assessment tax return (SATR). This is the same, even if you have a full time job where you are taxed at source as well as doing freelance work.You are freelance, self-employed or a sole-trader if you:Work for yourselfHave several customers at the same timeAre able to decide how, where, and when you do your workHire other people at your own expense to help you or to do the work for youPrthe main items of equipment to do your workAre responsible for finishing any unsatisfactory work in your own timeCharge an agreed fixed price for your workSell goods or services to make a profit (including online on via an app).From 6 April 2022. the money you can earn before paying income tax (called the Personal Allowance) is £11,500 (up £500 from 2016). But you must still report all your income and pay national insurance and income tax on self-employed income, and you should report all income above the stipulated allowances.As a freelancer, you and you alone are responsible for ensuring the correct amount of tax and national insurance is paid by the deadline (31 January in each tax year). And you must make sure you have the money to pay your tax and NI when it’s due, or you will be hit by penalties and fines that grow the longer you leave paying them.These are your responsibilitiesYou’ll need to:Keep records of your business’s sales and expenses (and hold on to them for at least six years)Send a Self Assessment tax return every yearPay Income Tax on your profits and Class 2 and Class 4 National InsuranceYou can use the HMRC calculator to find out how much you are likely to have to pay in tax and national insurance.It is not a legal requirement to run a separate business bank account, but it is advisable to have a bank account that is separate from your personal bank account.What MUST YOU DO as a freelancer, self-employed or sole-trader?You must pay tax on business profits (see the thresholds here),You must pay class 2 National Insurance contributions (NICs) at £2.85 per week (unless you earn less than £6,025 per year),And you must pay class 4 NICs on profits over £8,164 at 9% up to £45,00, and then 2% thereafter.The amount of income tax and class 4 national insurance contributions you pay will depend on the information you provided in your SATR.Do you need an accountant?Some freelancers use an accountant to do their accounts and submit their self-assessment tax return to HMRC. These freelancers tend to benefit from an accountant knowing exactly which expenses are allowable and can be offset against tax, and be 100% certain that they are getting all the allowances and benefits they are due.In addition, an accountant will avoid costly mistakes and errors. So while it may seem cheaper to do your own accounts and file your own SATR, it’s likely an accountant will save you time and save you money in taxes, which will add up to a lot more than what you pay in accountancy fees. Also remember that accountancy fees are an allowable expense!
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