540589

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

posted

Connect with an expert

1 Best answer

Accepted Solutions

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.

View solution in original post

1 Reply

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.

Still have questions?

Questions are answered within a few hours on average.

Post a Question

*Must create login to post