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What taxes will I have to continue to pay?

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    Going to be receiving my first check in the middle of March.

    Am wondering what taxes I will continue to pay from my working life? Will I still have to pay social security taxes? What about medicaid? Any info greatly appreciated.

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    There are a variety of factors that determine how much you pay in taxes ranging from what state you live in, how many hours you work each pay period, and how much you earn.

    The most common form of taxes you'll encounter are the Federal Income tax, State Income tax, Social Security, and Medicare. A certain percent of your paycheck is typically automatically deducted by your employer, if you have one. However, if you are a private contractor then you are required to set aside your tax liability and submit payments each quarter.

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    Hi Jared,

    I will be fully retired at the end of February. No longer receiving a paycheck. You might have misunderstood my question and I probably didn't state it correctly. I just want to know if I will have to continue to pay into SS and Medicare and any other taxes.

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    Yogi Wrote: Hi Jared,

    I will be fully retired at the end of February. No longer receiving a paycheck. You might have misunderstood my question and I probably didn't state it correctly. I just want to know if I will have to continue to pay into SS and Medicare and any other taxes.

    Sorry for the confusion.

    That all depends on a number of factors. If you intend to earn any taxable income after you're fully retired then you'll still be required to pay SS and Medicare taxes on that earned income. But if you're intending to live off a pension, 401k, or (Roth) IRA then you won't be liable to pay any SS or Medicare taxes on that income.

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    Jared,

    Thank you for that. It is what I was hoping to hear. Plan on living off the SS payment and 401K investment, unless of course the market tanks.