For most filing statuses: If one half of your Social Security benefits (SSB) plus all of your other income for the year (including tax exempt interest) is more than $25,000, then your SSB is at least partially taxable.
For those with married filing joint filing status, the amount is $32,000.
For those with married filing separately who lived with their spouse during the year, any additional income makes the SSB taxable.
Once you exceed the above amount, 50% of your SSB is taxable. The maximum of your SSB that is taxable is 85%. See IRS pub 915 for more info.
Social Security Retirement & Social Security Disability Insurance (SSDI) are. Supplemental Security Income (SSI) are not.
No. Social Security retirement (vs. SSI) is not based on income or assets.
Retirement income for the elderly.
You can receive early Social Security Retirement benefits at age 62 but if you income exceeds a specific dollar amount per year ($12,960 in 2007), your Social Security benefits will be reduced by $1 for every $2 earned over that amount. After you reach full retirement age, you will no longer be penalized for your earnings. For more information, check out the article on Social Security Retirement Benefits-When To Collect at www.Americas-Best-Places-To-Retire.com
estate Social Security tax A+
yes
no
provide retirement income
Social Security Tax
Social Security Tax
W. Robert Walton has written: 'The retirement decision' -- subject(s): Old age pensions, Retirement age, Retirement income, Social security, United States 'A time to live' -- subject(s): Retirement income, Social security
Social Security benefits (retirement and disability) count as income for Medicaid. However, Supplemental Security Income (SSI) does not count as income for Medicaid.