My husband and I will be collecting SS soon. My question is: Does SS take taxes out of your monthly check. We will make about $36,000 a year combined without any additional income. Just don't want a surprise "you owe thousands" on tax day!
Yes you can have SS take out federal withholding. It's your choice. I don't have any taken out of mine but my husband does. You could cover the tax by increasing the withholding on W2 or other 1099 income. Oh they will take the Medicare Premium deduction out unless you pay for that separately. But if you are not sure then it's a good idea to have them take out the federal tax withholding.
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