Is social socurity taxable

Answer 1

In order to determine when social security is taxable, you first need to know your combined income. This is the adjusted gross income plus non-taxable interest plus half of your Social Security benefit, and as long as long is it is under $25,000, then it is not taxable.

Answer 2

Yes it is very possible for 50% to 85% of your SSB to become taxable income on your 1040 federal income tax return and added to all of your other gross world wide income and be tax at your marginal tax rate amount.

Answer 3

Yes it is possible that from 50% to 85% of your SSB can become taxable income on your 1040 federal income tax return.

Generally, if Social Security benefits were your only income, your SSB benefits are not taxable and you probably do not need to file a federal income tax return.

If you have any other sources of worldwide income and (tax exempt interest and exempt dividends) then it is possible for some of your SSB to become taxable income on your income tax return and then you would be required to file an income tax return.

Answer 4

Social Security retirement benefits became taxable during the Carter administration at the same time Unemployment benefits were made taxable (also under the Carter administration).

Answer 5

Yes-- or rather, often. The rate depends on your total income, and may be zero, or you may end up owing thousands of dollars in taxes. Use IRS form W-4V to withhold a percentage.

Answer 6

Social Security earnings are not taxed.