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posted Jun 6, 2019 12:40:13 AM

Do I receive a deduction in regard to my social security amount

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1 Best answer
Level 3
Jun 6, 2019 12:40:15 AM

If you are getting social security, it can 0-85% can be taxable.  If your combined income is less than $25,000 you generally will not pay taxes on it. 

  • 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
Your adjusted gross income 
+ Nontaxable interest 
+ ½ of your Social Security benefits 
= Your "combined income"
https://www.ssa.gov/planners/taxes.html


If you are asking about the SS you pay in when you are self-employed, you will get a deduction for 1/2 of the amount you pay.  There is no deduction for the SS you pay when you are an employee. 

1 Replies
Level 3
Jun 6, 2019 12:40:15 AM

If you are getting social security, it can 0-85% can be taxable.  If your combined income is less than $25,000 you generally will not pay taxes on it. 

  • 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
Your adjusted gross income 
+ Nontaxable interest 
+ ½ of your Social Security benefits 
= Your "combined income"
https://www.ssa.gov/planners/taxes.html


If you are asking about the SS you pay in when you are self-employed, you will get a deduction for 1/2 of the amount you pay.  There is no deduction for the SS you pay when you are an employee.