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    jonhorn1's Avatar
    jonhorn1 Posts: 1, Reputation: 1
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    #1

    Mar 16, 2009, 02:45 PM
    Social Security
    Do I pay income taxes on my Soc. Security payments on my paycheck as I make that money?

    :)
    Five Rings's Avatar
    Five Rings Posts: 459, Reputation: 7
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    #2

    Mar 16, 2009, 04:05 PM

    That's a good question.

    You really are paying two taxes on your earned income at the same time.

    You and your employer are splitting the 15,3% tax on social security and medicare.

    Then you pay income tax on the same amount of income.

    But remember, one day you will get your money back from the SS tax in the form of social security and/or medicare benefits.
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