Soc security and work income

[Jvisme]

How do I figure out what I might possibly owe from both in 2024?  I am taxing my soc security 22%.

[VolvoGirl]

The Social Security might not be taxable depending how much other income you have.  You are having 22% taken out for federal withholding?  That should cover any tax on your SS.  

Up to 85% of Social Security becomes taxable when all your other income plus 1/2 your social security, reaches:

Married Filing Jointly: $32,000

Single or head of household: $25,000

Married Filing Separately: 0

[rjs]

You can use TaxCaster to get an estimate of your 2024 tax. It's still set up for 2023, but it will be pretty close.

If you are using the CD/Download TurboTax software you can use the What-If Worksheet in forms mode to estimate your 2024 tax. Check the box at the top of the column to use 2024 tax rates.

[NCperson]

@Jvisme  you can use this website, it is set for 2024. 

https://www.dinkytown.net/java/1040-tax-calculator.html

as stated, TaxCaster is set for 2023, which means it is going to overstate the tax liability. 

[Jvisme]

Do i figure out the tax separately to see if I might owe, or do I combine income to estimate? My work earnings are over the allowable, so prob 85% taxed. Is there a worksheet you know of to estimate what my fed tax should be between the 2?

[NCperson]

@Jvisme  just use this website.

you can make two passes at it. 

1) social security and work income on the first pass

2) work income on the 2nd pass; do not include the SS income

the difference between the two is the tax on SS.  

https://www.dinkytown.net/java/1040-tax-calculator.html

the combination of the two is what you would owe. 

and it may be better to use the IRS Withholding Estimator - it is quite accurate.  Have you latest paystub and social security payment handy.  it will determine how to complete your W-4 so that you do not owe at the end of the year. 

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

[rjs]

@Jvisme  

All of the tax estimators that have been suggested will have you enter your wages and your Social Security benefits separately. They will then calculate the tax on your wages plus the appropriate percentage of your Social Security, and give you one combined tax amount. You cannot calculate the tax separately on each type of income because each one affects the other. As far as withholding is concerned, it doesn't matter how much you have withheld from your pay and how much you have withheld from your Social Security. All that matters is that the total withholding for the year approximately covers your total tax for the year.