Understanding Social Security Tax Implications While Earning and Collecting Benefits
Friday, 8 March 2024, 10:02
Understanding Social Security Tax Implications While Earning and Collecting Benefits
If you are earning wages while receiving Social Security benefits, you are required to pay Social Security taxes, regardless of the amount.
The tax applies to all workers, and income above a set cap is taxed at a lower rate.
It is crucial to be aware of the rules governing these taxes to avoid any surprises or misunderstandings.
Despite the frustration of paying into the system while receiving benefits, these contributions are essential to the sustainability of Social Security.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.