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vader1179
New Member

I am collecting SS. retirement payments. I have started a part time job. I don't want to have to pay at the end of year how much more should I pay on my W-4 .

 
5 Replies
xmasbaby0
Level 15

I am collecting SS. retirement payments. I have started a part time job. I don't want to have to pay at the end of year how much more should I pay on my W-4 .

We cannot answer you since you have not said how much you will earn from the W-2 job, nor have you indicated whether you have reached full retirement age, your filing status or any of the other variables that can affect your tax due.

 

Try using the taxcaster tool to get an idea of your tax liability.

 

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

 

https://ttlc.intuit.com/community/tax-topics/help/what-to-know-about-the-new-2020-irs-form-w-4-emplo...

 

https://www.irs.gov/pub/irs-pdf/fw4.pdf

 

 

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 2017 that limit was $16,920 —for 2018 it will be $17,040—for 2019 it will be $17,640— for 2020 it will be $18,240)  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.

To see how much of your Social Security was taxable, look at lines 6a and 6b of your 2020 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 13 states that tax Social Security—Colorado, Connecticut, Kansas, Minnesota, Missouri, Montana, Nebraska, New Mexico, North Dakota, Rhode Island, Utah, Vermont, and West Virginia.  These states offer varying degrees of income exemptions, but four mirror the federal tax schedule: MN, ND,VT, and WV

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
xmasbaby0
Level 15

I am collecting SS. retirement payments. I have started a part time job. I don't want to have to pay at the end of year how much more should I pay on my W-4 .

If you are not full retirement age---the amount of earnings you can get  in 2021 without affecting your SS is $18,960----beyond that amount they reduce your benefits by $1 for every $2 earned

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
vader1179
New Member

I am collecting SS. retirement payments. I have started a part time job. I don't want to have to pay at the end of year how much more should I pay on my W-4 .

Sorry I am at full retirement age, I don't know much I will make at the end of the year as the job is hourly and the hours worked change. I am looking for a starting point or ball park estimate.

xmasbaby0
Level 15

I am collecting SS. retirement payments. I have started a part time job. I don't want to have to pay at the end of year how much more should I pay on my W-4 .

Try using the taxcaster tool and plug in the best numbers you can guess at.

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
xmasbaby0
Level 15

I am collecting SS. retirement payments. I have started a part time job. I don't want to have to pay at the end of year how much more should I pay on my W-4 .

Also this

 

https://www.irs.gov/individuals/tax-withholding-estimator

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
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