My monthly SS payment will be Estimate $3000 per month which is $36000 a year. I am reading that I will be taxed as income on > $18000, so what is my tax liability and what rate??. So I am guessing $18000 taxable?
Up to 85% of the SS benefits will be taxable depending on your other income.
I will also be receiving a $750 pension which i plan to deduct $250 to pay taxes, leaving me with $500 extra income. Does that get added to my SS Income? and is that taxed on $36000 or added to $18000 SS income that is taxable ?
ALL of your income is reported on the income tax return along with all the withholdings. Then the taxable portion of the SS benefits is calculated.
Is there a product or calculator that can help me??.
https://www.irs.gov/newsroom/tax-withholding-estimator-helps-retirees-figures-tax-on-social-security...
Medicare question - my last 2 years of work I will make >$120k so I see from their table I will be paying at least $300 per month in Medicare Costs. Does the $300 per month REDUCE my taxable SS Income?? NO.
