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Level 1
posted Jun 26, 2024 12:16:10 PM

Paying taxes on Social Security

Is it best to fill out a W-4 form and have social security withold some monies for taxes OR to make estimated payments quarterly on what you think the taxable amount maybe

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1 Replies
Employee Tax Expert
Jun 26, 2024 12:25:51 PM

Adjusting your withholdings W-4 is the way to go as your social security is continuous.   Here is a link to tax caster to assist in generating your W-4:   https://turbotax.intuit.com/tax-tools/calculators/taxcaster/

 

Keep in mind the tax tables will be updated for 2024 accordingly.   It is also a good idea to check your withholdings to date anytime.

 

Submit a request to pay taxes on your Social Security benefit throughout the year instead of paying a large bill at tax time.