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Thread: Reasonable Expectation of Income

  1. #14


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    Quote Originally Posted by Midwest Player View Post
    You are wrong. When you work for someone else like a company, they pay one half of the social security tax and you pay the other half which is deducted from your paycheck. If you are self employed you pay both halves which is a big 15.3%.
    Not really. My point is that if you work for yourself, whether a Sch C filer or you form an S corp or LLC, both halves of SS still come from the same pocket. Working for corporate America or someone else is a different situation where your employer pays half the SS.

  2. #15


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    Quote Originally Posted by 21forme View Post
    Not really. My point is that if you work for yourself, whether a Sch C filer or you form an S corp or LLC, both halves of SS still come from the same pocket. Working for corporate America or someone else is a different situation where your employer pays half the SS.
    Pardon my ignorance on this - what’s the hit on a US resident pay check (noticed I used US spelling) for Social Security taxes. I think it’s much bigger than for a Canadian resident.

  3. #16


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    Quote Originally Posted by Freightman View Post
    Pardon my ignorance on this - what’s the hit on a US resident pay check (noticed I used US spelling) for Social Security taxes. I think it’s much bigger than for a Canadian resident.
    Were you referring to ignourance or pay cheque?

    See here: https://www.irs.gov/taxtopics/tc751

  4. #17


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    Quote Originally Posted by 21forme View Post
    Were you referring to ignourance or pay cheque?

    See here: https://www.irs.gov/taxtopics/tc751
    Interesting. Much higher. Explains higher SS payments vs. Canadian CPP payments. Oh, to clarify, ignorance seems to be universal, and Canadians receive a pay cheque

  5. #18


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    Quote Originally Posted by Freightman View Post
    Interesting. Much higher. Explains higher SS payments vs. Canadian CPP payments. Oh, to clarify, ignorance seems to be universal, and Canadians receive a pay cheque
    The sad thing is as many as 40% in the US do not have the foresight or smarts to plan for retirement and depend on SS for survival in retirement. For example, if you ask some of the older BJ dealers you run across how long they plan to work, many of them say forever.

  6. #19


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    Quote Originally Posted by 21forme View Post
    The sad thing is as many as 40% in the US do not have the foresight or smarts to plan for retirement and depend on SS for survival in retirement. For example, if you ask some of the older BJ dealers you run across how long they plan to work, many of them say forever.
    The numbers are pretty similar in Canada. However, the social issue of medical bankruptcy in the US is a real influence on lo age hardship versus Canadian universal health care - which is the major reason our tax rates are higher.

    If I were a US resident, I’d likely be bankrupt and medically uninsurable. I’m covered here. Further, between CPP and soon to receive old age security, my monthly nut is almost covered before I dip into untapped retirement funds. In fact, by delaying receipt of RRSP’s (equivalent to IRA), I avoid Old Age clawback, and may even be eligible for guaranteed income supplement. To do that requires some footwork, which I think would bypass the intent of legislation

    I’ll play on the clawback issue, but really don’t think I’m interested in milking the income supplement, which is unfair in my instance. If I need dough, I have plenty in tax free savings accounts, where I Trade stocks with no tax payable on growth or capital gains - though I am subject to tax on non registered stocks and property outside of my personal residence.

    My Province of domicile supplements heavily the cost of prescriptions for most drugs at age 65. I’m responsible for 30% to a maximum cost of $25 per prescription. In fact, for an 95 year old man, with an 18 year old wife, the spouses drug costs are also covered. This is clearly a big benefit for me - no, the wife isn’t 18.

    I understand that for many people that immediate survival needs have to be met first, and I did have a struggle when my kids were young. However, proper planning instead of saving up for the next down payment, pays big dividends in terms of comfort and stress during retirement years.

  7. #20
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    Quote Originally Posted by Freightman View Post
    The numbers are pretty similar in Canada. However, the social issue of medical bankruptcy in the US is a real influence on lo age hardship versus Canadian universal health care - which is the major reason our tax rates are higher.

    If I were a US resident, I’d likely be bankrupt and medically uninsurable. I’m covered here. Further, between CPP and soon to receive old age security, my monthly nut is almost covered before I dip into untapped retirement funds. In fact, by delaying receipt of RRSP’s (equivalent to IRA), I avoid Old Age clawback, and may even be eligible for guaranteed income supplement. To do that requires some footwork, which I think would bypass the intent of legislation

    I’ll play on the clawback issue, but really don’t think I’m interested in milking the income supplement, which is unfair in my instance. If I need dough, I have plenty in tax free savings accounts, where I Trade stocks with no tax payable on growth or capital gains - though I am subject to tax on non registered stocks and property outside of my personal residence.

    My Province of domicile supplements heavily the cost of prescriptions for most drugs at age 65. I’m responsible for 30% to a maximum cost of $25 per prescription. In fact, for an 95 year old man, with an 18 year old wife, the spouses drug costs are also covered. This is clearly a big benefit for me - no, the wife isn’t 18.

    I understand that for many people that immediate survival needs have to be met first, and I did have a struggle when my kids were young. However, proper planning instead of saving up for the next down payment, pays big dividends in terms of comfort and stress during retirement years.
    I have to take a crap!!!

  8. #21


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    Quote Originally Posted by Sharky View Post
    I have to take a crap!!!
    Not surprised. You were up a quart.

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