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dogmaii
Returning Member

Social Security Tax Liability over first $18000 limit

Question: 

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?

 

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 ?

Is there a product or calculator that can help me??. 

So basic question is:  Will i get taxed on  $18000 SS Income on my yearly SS income of $36000 income or is it another amount??.

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?? 

 

Thank you 

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2 Replies
dogmaii
Returning Member

Social Security Tax Liability over first $18000 limit

Any help on this question 

Social Security Tax Liability over first $18000 limit

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. 

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