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BUSINESS
September 6, 1992
Q: My wife and I are independent real estate agents employed by the same brokerage. I declare all our commissions under my name so we both do not have to pay Social Security taxes. My wife thinks this may not be in her best interest since she will not have contributed sufficient taxes to qualify for benefits on her own account. Is she right? Should we split our income, which now exceeds $110,000 per year, and each pay the maximum Social Security taxes?B. S. P.A: According to the Social Security Administration, your strategy may make financial sense.
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BUSINESS
By Ben Pershing and The Washington Post | March 18, 2010
The Senate cleared an $18 billion jobs bill for President Barack Obama's signature Wednesday, a down payment on what Democrats hope will be a significant election-year investment in boosting the economy. The measure passed 68-29, with 11 Republicans joining all but one Democrat present - Nebraska Sen. Ben Nelson - in support. The bill had passed the Senate once but the House tweaked it, requiring the second Senate vote before it could go to the White House. Obama has praised the legislation in the past and plans to sign it. Though relatively small compared to last year's economic stimulus package, the measure represents the first clear legislative shot in months aimed squarely at persistent unemployment, and a rare bipartistan achievement from a Congress dogged by partisan squabbling.
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NEWS
By John Rivera and John Rivera,Staff Writer | October 22, 1992
As Anne Arundel's House delegation voted to support another round of proposed cuts in state aid to local governments, House Speaker R. Clayton Mitchell pledged the General Assembly would look elsewhere if further cuts are necessary this year -- provided this latest plan meets with legislative approval.The speaker met with the delegation to drum up support for a plan that will save the state $147 million by shifting to the counties the responsibility for paying the Social Security taxes for teachers, community college professors and librarians.
BUSINESS
By EILEEN AMBROSE and EILEEN AMBROSE,eileen.ambrose@baltsun.com | September 6, 2008
Politicians may be too chicken to fix Social Security's financial problems, but what about you? Can you make the politically tough decisions to shore up the system? Find out by playing the Social Security Game, created by the American Academy of Actuaries. The online game ( www.actuary.org/socialsecurity/game.html) gives potential fixes and the pros and cons of each option. For instance, raise the age to get full retirement benefits to 70 by 2030, and all of Social Security's solvency problems are cured.
NEWS
By Karen Hosler and David L. Greene and Karen Hosler and David L. Greene,SUN NATIONAL STAFF | November 29, 2001
WASHINGTON - Prospects brightened yesterday for a package of tax cuts and worker benefits to help revive the economy - a bill that might include giving Americans a one-month break from Social Security taxes. A monthlong impasse on the legislation ended yesterday when Senate Majority Leader Tom Daschle agreed to drop his demand for up to $15 billion in new spending for homeland security. The Democratic leader cut his demand in half, to $7.5 billion, and said he would try to include it instead in a must-pass bill that provides money for the Pentagon.
NEWS
By Jonathan Weisman and Jonathan Weisman,SUN NATIONAL STAFF | April 30, 2000
WASHINGTON -- As they loudly accuse each other of fiscal recklessness, Al Gore and George W. Bush are frantically juggling their tax-and-spending proposals to hide a basic fact: Both presidential candidates may have already spent all the money likely to be available to them. Stewardship of the nation's economy emerged last week as the latest issue in Campaign 2000, as Vice President Gore charged Texas Governor Bush with practicing "casino economics" while Bush said Gore would revive the era of "big government."
NEWS
By Los Angeles Times | March 23, 1994
WASHINGTON -- The Senate Finance Committee addressed the "nanny tax" that has bedeviled the Clinton administration by approving yesterday the first revisions in 44 years to laws governing the payment of Social Security taxes for household workers.The bill, quickly approved on a voice vote, simplifies the payment proceduresand raises the wage level at which the taxes must be paid from $50 per quarter to $630 a year. In addition, young people under 18 hired to do household chores or baby-sitting would be exempt from the Social Security tax.The legislation also provides that the payroll tax could be paid once a year, as part of the federal income tax return, rather than in quarterly payments.
BUSINESS
By Carrie Mason-Draffen | February 1, 2004
I receive a pension from the Post Office. When I'm old enough to qualify for Social Security, can I collect it as well? The short answer is yes, but with a big qualifier, according to pension-rights lawyer Victoria Quesada of Quesada & Moore in West Hempstead, N.Y. Your Social Security benefit will be reduced if the U.S. Postal Service didn't withhold Social Security taxes from your paycheck throughout your working life, Quesada said. That's a significant qualifier for you, because before 1984 many government employees didn't have Social Security taxes withheld, Quesada said.
NEWS
By Nelson Schwartz and Nelson Schwartz,Contributing Writer | September 10, 1993
WASHINGTON -- More than a month after the White House announced it had selected Shirley Sears Chater to head the Woodlawn-based Social Security Administration, Senate Finance Committee Chairman Daniel Patrick Moynihan is demanding to know why her nomination has not been submitted to Congress."
NEWS
By Nelson Schwartz and Nelson Schwartz,Contributing Writer | September 15, 1993
WASHINGTON -- Acting Social Security Administration Commissioner Lawrence H. Thompson said yesterday he paid just over $100 in back taxes and penalties earlier this year because his wife failed to withheld Social Security taxes for a maid."
NEWS
By PETER G. GOSSELIN AND JOEL HAVEMANN and PETER G. GOSSELIN AND JOEL HAVEMANN,LOS ANGELES TIMES | February 1, 2006
WASHINGTON -- President Bush wants to bring to health care the same "ownership society" approach that gained him little political traction during last year's Social Security debate but remains central to his self-help view of America. By proposing new tax breaks for the health savings accounts he won congressional approval for three years ago, analysts said, Bush hopes to nudge the nation away from the employer-sponsored health insurance on which most working Americans now depend. Instead, Bush wants to use sweeping new tax incentives to encourage workers to set aside their own money to cover routine medical expenses and get individually purchased insurance plans to meet larger costs.
NEWS
June 26, 2005
THE SOCIAL Security system has a solvency problem. Over the next 75 years, with no changes, promised benefits will exceed estimated income by about $3.7 trillion. Social Security can keep paying all scheduled benefits for another 36 years, according to projections, but its annual surpluses run out in just a decade or so - highlighting the need for Washington to get serious about a comprehensive fix. The stakes can't be understated: Social Security, according to a recent study for the Economic Policy Institute, is the largest income source for two-thirds of those over 65. For most Americans, lacking private pensions and big 401(k)
NEWS
May 1, 2005
HAVING FAILED to gain support for his goal of undoing the most successful federal program, President Bush went on prime-time TV last week to throw a Hail Mary pass: proposing to drastically slash scheduled Social Security benefits for all but low-income earners. This desperate long bomb shouldn't be well received. It would so devastate guaranteed benefits for most Americans - particularly in tandem with his proposed private accounts - that support for Social Security would likely wither.
NEWS
By Ellen Goodman | March 14, 2005
BOSTON - There are few phrases in the book of parenting that raise more suspicions among the young than the pronouncement that "I am doing this for your own good." It comes in a close second only to the declaration, "This is going to hurt me more than it will you." In this spirit of skepticism, I have been stalking President Bush's remarks about Social Security. My list starts with the State of the Union address, when Mr. Bush exhorted us to "do what Americans have always done and build a better world for our children and our grandchildren."
NEWS
By Richard Simon and Richard Simon,LOS ANGELES TIMES | March 7, 2005
WASHINGTON - Sen. Chuck Hagel, a Nebraska Republican, plans to introduce Social Security legislation todaythat includes a version of President Bush's proposal to create individual investment accounts - but also calls for raising the retirement age by a year. "We need more ideas," Hagel said yesterday on CBS' Face the Nation, noting that his bill would be the first, although most likely not the last, Social Security proposal introduced in the Senate this year. But Democratic lawmakers said as long as private accounts were on the table, they would adamantly oppose opening negotiations on ways to shore up the retirement system.
NEWS
By Michael Hoffman and Michael Hoffman,SUN STAFF | March 5, 2005
SALISBURY -- U.S. House Minority Leader Nancy Pelosi told a crowd of mostly college students at Salisbury University yesterday that the nation's younger generation should be wary of President Bush's proposed plan to privatize Social Security. "President Bush likes to say that under his privatization plan, young people have the most to gain," the California Democrat said. "But the truth is they have the most to lose." Pelosi arrived 15 minutes late to the speech after her flight from New York was delayed because Air Force One was flying over the same air space to take the president to push his Social Security plan in New Jersey.
BUSINESS
By Bloomberg Business News | July 7, 1995
ARMONK, N.Y. -- International Business Machines Corp. said yesterday the Internal Revenue Service is auditing the company over the status of thousands of workers who are employed as independent contractors.Armonk, N.Y.-based IBM said the audit is routine and centers on the tax withholding procedures for workers who are paid as freelancers and don't have federal income tax or Social Security taxes withheld from their paychecks.L "Audits are a way of life," said IBM spokesman Tom Beermann.IBM, which has about 220,000 regular employees, employs thousands of workers who are considered temporary contractors.
NEWS
By Carl M. Cannon and Richard H. P. Sia and Carl M. Cannon and Richard H. P. Sia,Washington Bureau | December 21, 1993
WASHINGTON -- In another instance of a problem that has plagued the Clinton administration for a year, the White House acknowledged yesterday that Defense Secretary-designate Bobby Ray Inman did not pay Social Security taxes for a part-time housekeeper he and his wife have employed since 1986.Mr. Inman paid some $6,000 in back taxes yesterday, and any additional fees in the form of penalties or interest would becalculated by the Internal Revenue Service, White House officials said.Communications Director Mark Gearan also said that Mr. Inman had informed President Clinton of this situation before being selected last week to replace Les Aspin at the Pentagon.
NEWS
February 7, 2005
Forcing police to retire shows a lack of loyalty I read with great interest The Sun's recent article on the forced retirement of members of the Baltimore Police Department who have been permanently injured in the line of duty ("Police face forced retirement on uncertain terms," Jan. 30). As a result, I feel compelled to express my resentment for the total lack of loyalty and appreciation exhibited by those members of the Baltimore's government who feel it necessary to wield a budget ax against the men and women who have given, selflessly, so much of themselves to the citizens of Baltimore.
NEWS
By Thomas Sowell | January 20, 2005
THE LATEST liberal spin on Social Security is that there is no problem. Of course, there is no problem with any obligation if you are willing to welsh when it comes time to pay it. Politically, the bottom line of this approach is that President Bush's plan is "not a magic bullet," in the words of Business Week magazine. When people start talking about how this or that policy "is no panacea" or "not a magic bullet," then you know their argument is not serious. Why don't we all stipulate, once and for all, that no policy on any subject, anywhere or anytime, is a panacea or a magic bullet?
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