After having had a wonderful presentation last month on Strategic Social Security and Income Planning, I thought I might share a little bit more about one of the “hot” buttons that came up. It’s a topic that seems to take people by surprise, and also get them a little upset at the same time. That “hot” button is taxation of your Social Security income.

You might be surprised to find out that yes, you might have to pay taxes (again) on your Social Security income. Why do I say again? Well for starters if you take a look at your paycheck you should see a section “FICA tax/deductions” on there. FICA stands for Federal Insurance Contributions Act. I don’t want to get too in-depth on the history of FICA. However, it’s always been an interesting acronym to me. To put the word “contributions” in there is amusing.

Read the complete article at Crown Wealth Management