* Is Social Security retirement income taxable?
Social Security retirement benefits are taxable, although it depends on your total income and civil status. Federal law states that an individual must pay taxes if he/she has annual Social Security retirement income of more than $25,000. If he/she has a married status, they must pay such taxes if the income is more than $32,000.
However, if the Social Security retirement benefit is the recipients only source of income, then it is rendered to be non-taxable and there is no need to file a federal income tax return.
* Are other pension payments (not SS) taxable?
Just like Social Security benefit payments, other pension payments are taxable, although it is dependent on the recipients income and marital status. If such payment is only his source of income, then it may be tax-free. Other conditions are also stipulated on the Instruction Booklet of the Internal Revenue Services (IRS).
* Are tips taxable?
Tips are not taxable if they are given for a service not correlated with a taxable sale. For instance, the tip that you give when your luggage is carried or your hotel room is cleaned is not...
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