For population 25 years and over in Kite: 1  High school or higher: 63.8%. 2  Bachelor's degree or higher: 3.0%. 3  Graduate or professional degree: 2.0%. 4  Mean travel time to work (commute): 30.5 minutes.
If the annuity is in a Roth IRA, all of the withdrawals will be tax-free as long as youâve had the Roth for five years and are older than 59Â½. Taxes are just one issue to consider when deciding whether or not to convert your annuity into a income stream, however.
Go. Almost everything you earn is subject to Social Security and Medicare taxes, and your IRA contributions are no exception. Although the amount you deposit in the account is deductible on your Form 1040, you still have to pay FICA taxes -- Social Security and Medicare -- on the money.When you withdraw IRA funds as retirement income, however, things are different.he big difference is that you don't pay FICA taxes on your IRA withdrawals. If you freelance in retirement and earn $10,000, you pay 13.3 percent for Social Security and Medicare, as of 2012. If you withdraw the same amount from your IRA, there's no FICA due.