Should I go full time at work?

[fujidriver]

My income from working would go from $27K to $55K how would this affect me tax wise with  combined 43K in SS?

[xmasbaby0]

You have not mentioned your age.   If you are not at full retirement age, then your SS benefits can be reduced if you earn more than $22,320 in tax year 2024.   If you are at full retirement age, your benefits are not affected by the amount you earn at a job.   

TAX ON SOCIAL SECURITY

Up to 85% of your Social Security benefits can be taxable on your federal tax return.  There is no age limit for having to pay taxes on Social Security benefits if you have other sources of income along with the SS benefits.  When you have other income such as earnings from continuing to work, investment income, pensions, etc. up to 85% of your SS can be taxable. 

 What confuses people about this is that before you reach full retirement age, if you continue working while drawing SS, your benefits can be reduced if you earn over a certain limit. (For 2019 it was $17,640— for 2020 it was $18,240; for 2021 it was  $18,960.  For 2022 it was  $19,560  —  for 2023 $21,240)  For 2024, $22,320.

After full retirement age, no matter how much you continue to earn, your benefits are not reduced by your earnings; your employer will still have to withhold for Social Security and Medicare.  If you work as an independent contractor then you will pay self-employment tax for Social Security and Medicare.

To see how much of your Social Security was taxable, look at lines 6a and 6b of your 2023 Form 1040

https://ttlc.intuit.com/questions/1899144-is-my-social-security-income-taxable

https://www.irs.gov/help/ita/are-my-social-security-or-railroad-retirement-tier-i-benefits-taxable

You need to file a federal return if half your Social Security plus your other income is $25,000 when filing single or head of household, or $32,000 when filing married filing jointly, $0 if you are filing married filing separately.

Some additional information:  There are 11 states that tax Social Security—Colorado, Connecticut, Kansas, Minnesota, Missouri, Montana, Nebraska, New Mexico, Rhode Island, Utah, and Vermont  These states offer varying degrees of income exemptions, but two mirror the federal tax schedule: MN and VT.

The tax laws for 2024 will change——for  tax year 2024 Missouri and Nebraska will no longer tax SS

IF YOU WANT TO HAVE TAX WITHHELD FROM YOUR SOCIAL SECURITY BENEFITS

https://www.ssa.gov/manage-benefits/request-withhold-taxes

https://www.irs.gov/forms-pubs/about-form-w-4-v

[Opus 17]

That's impossible to answer.  There are 3 main factors.

1. If you are under your official full retirement age, working will reduce your SS benefit until you reach full retirement age.

2. Your income from working is always subject to social security tax, even if you are drawing benefits.  Depending on your prior work history, this could result in a benefits recalculation that increases your benefits.

3. Any taxable income when drawing benefits will also tend to increase the tax on your benefits as well.  Assuming you are single, you are probably paying tax on your wages plus on 50% of your SS benefit.  If you increased your income, you would pay tax on the increased income and you would pay more tax on your SS benefit.  (But eventually, when you reach the income level where 85% of your benefit is taxed, that's the top, and more income on top of that does not increase the tax on your benefit any further.).  You may also have taxable income from a pension, IRA or 401k, and if you don't now, you may later when you reach the age that you must take RMDs.

You can estimate your taxes with this tool, and try different scenarios of wages, benefits and pension.

https://turbotax.intuit.com/tax-tools/

You will never pay so much tax that you lose money by working more, but you should understand the tax hit.