I apologize if this isn't the correct way to do this but I have two separate questions and I thought I'd put both in the same message.
1) This year in October I decided to do an annual SEPP. Which means I have to do it again next year and the year after, etc, in order to avoid the 10% penalty. Does it matter when during the year I do the SEPP? Since it was in October this year, does it need to be in October again next year?
2) What on my paycheck is not taxed? When my W-2 comes out next year and I make a total of 90k lets say, I'm usually not taxed on that entire amount. Usually there are different boxes and the largest box isn't usually the right amount, there's usually a smaller amount.
Not sure if I'm saying this correctly. For example, I'll pay around $5,000 in Social Security Taxes this year. Are those taxed? When figuring out my annual income, will SSN taxes be taken off the top, or will I pay taxes on those taxes?
I also pay state taxes that come out of my paycheck. Not income taxes, my state doesn't have income taxes, but I pay other taxes like medical leave tax and family leave tax, etc. Do those come off the top of my income?
Thanks in advance for any responses!
