frenchy wrote:

- quote -

1) No.
2) You will fill out a form W-4P and they will withhold the
federal.
If you live in Illinois and several other states your
retirement will not be taxable. You will have check with
your state to find out if your state taxes your retirement.

Missy Doyle

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frenchy wrote:

- quote -

Payments from your retirement annuity are not subject to
Social Security and Medicare taxes. If you get a full or
part time job in retirement, that income will be subject to
FICA taxes, regardless of your age.

- quote -

Generally, withholding can be arranged to be taken from your
pension check. File form W-4P with the payor.

<< ================================================== ===== > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== >

I work for a local county. I currently have fed, state
taxes deducted as well as social security and medicare
deducted. When I retire, I will recieve monthly payments as
a fixed percentage of my current pay times the years
worked..

Questions - 1) will I still have to pay social security and
medicare taxes as now?

2) will taxes be deducted from my check or will I have to
pay them after the fact i.e. yearly or whatever?

I am assuming this stuff would be generic no matter who I
was working for but just checking....thanks

<< ================================================== ===== > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== >