What % (7%, 10%, 12%) I should select on Form W-4V telling Soc. Sec. how much to withhold from my monthy SS check? $35,500 for the total year. I know 85% is taxable.

[VolvoGirl]

That's up to you.  If you have a lot of other income you might want the most taken out.  Or increase your withholding on other income.  Or do like me (I have 0 taken out of SS) and send in quarterly estimated payments to cover SS and interest and dividends that don't take out withholding.  

[ravishingred99]

Volvogirl, 

Thank you.  So how do you estimate the 1/4ly tax to send in?  Is there a penalty for missing the date?  Greatly appreciate your response!  Sandy

[JohnB5677]

There are two thing you haven't shared:

• Other income
• Filing Status

However, if you are sure that 85% of your Social Security will be taxed:

• It would put you at 
  • 22% for a single individual
  • If married it would be
    • 12% up to $89,450
    • and 24% on higher income

If I've misunderstood your question, and this does not completely answer it, please contact us again and provide some additional details.

[ravishingred99]

JohnB5677,

Thanks so much! Yes, I am married, and we file jointly.  Your message made me understand that I should be looking not just at the Soc. Sec.  amount but the total income, including pensions and RMD's, dividends, etc.    How stupid can I be?  Thanks for getting me to look at the big picture.  I was just focused on SS and that form.

Thanks so much!  Sandy