W2 wages of 75930.00 and ssa-1099 payments of 29106.00 increased federal taxes due by 6000.00. is that correct?

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W2 wages of 75930.00 and ssa-1099 payments of 29106.00 increased federal taxes due by 6000.00. is that correct?

It certainly could be, depending on your filing status. In this example, 85% of the social security benefit would be taxable, and if you are in a 25% marginal bracket, to first order the federal tax increase would be $6,185.

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W2 wages of 75930.00 and ssa-1099 payments of 29106.00 increased federal taxes due by 6000.00. is that correct?

It certainly could be, depending on your filing status. In this example, 85% of the social security benefit would be taxable, and if you are in a 25% marginal bracket, to first order the federal tax increase would be $6,185.

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