I retired in March 2023. How much do I need to have deducted from my monthly retirement payment? I also now collect monthly social security as of April 2023.
How much you withhold for taxes will all depend on your total income.
I would suggest you try using the TurboTax Tax Caculator.
https://turbotax.intuit.com/tax-tools/calculators/taxcaster/ You can click on this link or copy and paste it into a browser.
Social Security will go in the OTHER INCOME section and the pension will go in the RETIREMENT section.
If your income is low enough, you will not need to withhold any taxes.
As far as State tax withholdings, Social Security is not taxable in South Carolina!!
You will have to see what the tax rate is for South Carolina and see what the deductionsand exemptions will be. You could owe only on your pension or maybe have enough deductions and exemptions to not owe anything for South Carolina.
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