FICA after retirement

Asked May 29, 2018, 2:01 PM EDT

Will FICA tax be taken out of my income once I retire and do not have a paying job?

McKinley County New Mexico

1 Response

FICA tax is taken out of earned income. This includes a salary or wages from an employer and net income from self-employment, If neither of these sources of income apply, you will not pay FICA tax. However, if you receive Social Security benefits and your income is over certain limits, a portion of your Social Security will be subject to income tax. Be sure to adjust your estimated quarterly tax payments to account for this.