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What else can I help you with?
Does CT tax military retirement?
Yes, Connecticut does tax military retirement pay. However, as of 2021, the state offers a tax exemption for military retirement income, allowing retirees to exclude a portion of their military pensions from their taxable income. This exemption is subject to certain income limits, so it's essential for retirees to check their eligibility and consult the latest state tax guidelines for specifics.
How were tenant farmers different from sharecroppers?
Tenant farmers were different from sharecroppers because they usually had their own tools and animals.
What did Lincoln hope to do about voting after the civil war?
Lincoln hoped to limit voting to a small portion of African Americans.
The territories of Kansas and Nebraska were carved out of a portion of?
(the Louisiana Purchase)
Area Zebulon Pike explored?
northern portion of the Mississippi river
Can you receive disability and retirement benefits?
I do. I have received disability since 2005 and just started 2010 drawing my portion of my x's retirement. I didn't receive enough in disability to file a return but now with the other it put me over, so I will have to.
Is your railroad disability taxable?
Yes, railroad disability benefits can be taxable, depending on the individual's total income and the nature of the benefits received. If the benefits are received from the Railroad Retirement Board (RRB) and the recipient has other income that exceeds certain thresholds, a portion of the benefits may be subject to federal income tax. It's important to consult with a tax professional or refer to IRS guidelines for specific tax implications related to railroad disability benefits.
When you divorce will you still get rr retirement?
If you divorce, your eligibility to receive retirement benefits from a Railroad Retirement (RR) plan depends on several factors, including the division of marital assets and state laws regarding retirement benefits. Generally, a spouse may be entitled to a portion of the RR retirement benefits accrued during the marriage, as determined by the divorce settlement. It's important to consult with a legal expert or financial advisor to understand your specific rights and options regarding RR retirement in the context of divorce.
In Michigan if you are able to defer retirement benefits for one year can you do this in order to collect unemployment?
If you are referring to "defer retirement benefits" as meaning Social Security benefits, there is no need to defer the decision. As long as you can qualify for each of the benefits individually, you can collect both at the same time. They do not interfere with each other at all. Any other retirement programs would be handled by offsetting unemployment benefits by the employer paid portion of retirements on a weekly basis.
Do California residents pay state income taxes on their Railroad Retirement pension under the Railroad Retirement Act?
Tier 1 Railroad Retirement benefits are treated the same as Social Security benefits for California income tax purposes. If any portion of your benefits were included in your federal income, you can claim an adjustment on line 20 of Schedule CA (for Form 540 filers) or on line 14c of Form 540A.
How does a 401k work and what are the benefits of contributing to one?
A 401k is a retirement savings plan offered by employers. Employees can contribute a portion of their salary to the plan, which is invested in stocks, bonds, and other assets. The benefits of contributing to a 401k include tax advantages, employer matching contributions, and the potential for long-term growth of savings for retirement.
What happens to your federal sick leave when you retire?
Federal sick leave does not carry over to retirement. However, some federal employees may be eligible to convert a portion of their unused sick leave to creditable service time to increase their retirement benefits. This typically applies to Civil Service Retirement System (CSRS) or Federal Employees Retirement System (FERS) employees.
Is a 401k an employer sponsored retirement plan?
Yes, a 401k is an employer-sponsored retirement plan where employees can save and invest a portion of their salary for retirement.
Can met life reduce disability payments by the amounts received from naval reserve retirement pension?
The portion of benefit called "Social Insurance Offset Benefit" can be reduced by any amounts received as disability or pension benefits. Also, depending on the definition of total disability and any additional riders that can enhance the definition of disability, including residual or partial benefit rider, your benefit may be reduced if you have income from a different source. Normally, retirement pension does not reduce the BASE benefit, because it's not an income from an active job/ occupation.
Describe how a personal retirement account can help you in the future?
Voluntary personal retirement accounts are individual accounts that allow workers to invest a portion of their Social Security payroll taxes in bond and stock funds. Personal retirement accounts offer younger workers the opportunity to receive higher benefits than the current system can afford to pay, and build a nest egg for retirement that the government cannot touch.
If a railroad worker had worked under Social Security before becoming a Railroad worker can they also receive Social Security benefits?
They can but that person's Railroad Retirement is going to be reduced. Here is a link to the Railroad Retirement Board's website that explains all the details about Railroad Retirement and Social Security Benefits. The tier I portion of a railroad retirement annuity is based on both railroad retirement and nonrailroad social security credits acquired by an employee and reflects what social security would pay if railroad work were covered by social security. Tier I benefits are, therefore, reduced by the amount of any actual social security benefit paid on the basis of nonrailroad employment, in order to prevent a duplication of benefits based on the same earnings. .
What is another name for the Social Security system?
FICA, the abbreviation for Federal Insurance Contribution Act, also known as Social Security. Social Security is also known as Old-Age and Survivors Insurance (OASI), although retirement and survivors' benefits are only a portion of the SSA's obligations.
