Form Instruction 6251 for South Bend Indiana 2024-2025

Form Instruction 6251 for South Bend Indiana: What You Should Know

Social Security tax was introduced in 1917. As a result, this tax was also available for tax year 1916.  Social Security includes the following amounts for each pay period: 1) Federal Tax, 8.8% and Federal Medicare tax, 2.45% of adjusted Gross Income, up to a maximum payment of 3,072. 2) Income Tax, 10.65% for Federal Social Security; 0.9% of Social Security for State Medicare; and 1.15% of Social Security for Railroad Retirement.  If the pay period of a participant consists of more than 12 months, the taxes are based on a rate of 6.2% on the first  6.2% of pay and a rate of 6.95% on balance. The tax is equal to 2.9% of the amount by which the pay period exceeds 12 months. For participants not covered by an employer retirement program, the Federal Social Security tax is 15.3%.  See SSI, Medicare — Social Security, and Railroad Retirement for more information. In Wisconsin, Social Security payments are based on the pay period of the participant, and are made by the Wisconsin Department of Financial Institutions. What Else Should You Know Under Wisconsin Chapter 9.2 of the Wisconsin Statutes, you are responsible for reporting any tax due on your state income tax return, unless you waive this responsibility under Wisconsin Statutes. For information, visit Wis .gov/Fiscal. The Wisconsin Income Tax Exemptibility Program — This program is designed to help Wisconsin residents eliminate the Wisconsin alternative minimum tax, and it makes payments to qualified individuals who are exempt from the tax if you have income of less than the Wisconsin minimum. To apply, visit WI.gov/IEP. The Wisconsin Department of Financial Institutions' Social Security Program — A social security recipient may be exempt from the Social Security tax if income is below the Wisconsin minimum income. To learn more about Social Security income requirements, please visit SSI, which may assist you if you are ineligible for both Wisconsin and federal social welfare programs. Wisconsin State Income Tax Tables — These tables contain information on tax rates, filing options, taxable income, deductions, and credits for Wisconsin taxpayers.

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