How can I find out how much the tax is on my SS benefit of $17,592.00? All of my other income, plus half of my SS is a total of $44,544.00. I am single. Please help!
About 40 percent of people who get Social Security have to pay income taxes on their benefits. For example:
• If you file a federal tax return as an “individual,”
and your combined income is between $25,000
and $34,000, you may have to pay taxes on up to
50 percent of your Social Security benefits.
- If your combined income is more than $34,000, up to 85 percent of your Social Security benefits is subject to income tax
NOTE: On the 1040 tax return, your “combined income”
is the sum of your adjusted gross income plus nontaxable interest plus half of your Social Security benefits.
From what I understand on your question, your combined income is over the $34,000 for a single individual therefore you would be subject to 85% of your Social Security benefits being taxed.
Although you’re not required to have Social Security
withhold federal taxes, you may find it easier than paying
quarterly estimated tax payments.
Also, the information above is for federal only. Some states (13 of them), also tax Social Security benefits.
**Mark the post that answers your question by clicking on "Mark as Best Answer"