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Does "Your Taxed Social Security Earning" include "Personal Exemption amount"?
4 Answers
- StuartLv 62 years ago
Some of those people will end up paying more in overall tax, because of the new cap on certain deductions and other changes. Many will end up with an overall lower tax bill for 2018—but they may have a sour feeling about it, because the gains were front-loaded last year, and taxpayers barely noticed. Many Americans count on a sizable refund to pay down debt or help finance big purchases, and when that doesn’t materialize, they’re likely to blame Washington
- Anonymous2 years ago
Yes.
There is no Exemption on FICA taxes, they begin on Dime One of your earnings. There is an Upper cap, but it is in Six figures, in the neighborhood of 150k/yr
Income taxes do not begin until you exceed your exempted amount, which depends on how many dependants you have or other special exemption. Like I am Legally Blind, so I get a Double personal examption.