Hi Stacey J!
Thanks for your question today! Let me add my added knowledge to my colleagues who are sharing information on your question.
The maximum amount you wil pay on your social security income is 85% if you:
- file a federal tax return as an "individual" and your combined income* is
- between $25,000 and $34,000, you may have to pay income tax on up to 50 percent of your benefits.
- more than $34,000, up to 85 percent of your benefits may be taxable.
- file a joint return, and you and your spouse have a combined income* that is
- between $32,000 and $44,000, you may have to pay income tax on up to 50 percent of your benefits.
- more than $44,000, up to 85 percent of your benefits may be taxable.
- are married and file a separate tax return, you probably will pay taxes on your benefits.
To clarify a bit, If one -half of your social security and all other taxable income is less than $25, 000 if single and $34000 if filing jointly noe of your social security is taxed. However, if filing separately from a spouse all could be subject to taxes!
Thank you for this opportunity and I do hope that this clarifies your question.
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