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do you pay taxes on social security

do you pay taxes on social security插图

Best answer

The simplest answer is yes: Social Security income is generally taxable, though whether or not you have to pay taxes on your Social Security benefits depends on your income level. If you have other sources of retirement income, such as a 401 (k) or a part-time job, then you should expect to pay income taxes on your Social Security benefits.

People also ask

  • Do you have to pay taxes on Social Security retirement income?

  • Calculating Your Social Security Income Tax. If your Social Security income is taxable, the amount you pay in tax will depend on your total combined retirement income. However, you will never pay taxes on more than 85% of your Social Security income.

  • Is Supplemental Security Income (SSI) taxable?

  • Supplemental Security Income (SSI) is never taxable. If you do have to pay taxes on your benefits, you have a choice as to how: You can file quarterly estimated tax returns with the IRS or ask Social Security to withhold federal taxes from your benefit payment.

  • Do I have to pay taxes on my Child’s Social Security benefits?

  • If your child receives Social Security dependent or survivor benefits, those payments do not count toward your taxable income. That money is taxable if the child has sufficient income (from Social Security and other sources) to have to file a return in his or her own name.

  • How many Social Security recipients owe taxes on their benefits?

  • The Social Security Administration estimates that about 56 percent of Social Security recipients owe income taxes on their benefits.

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