0
How much can people on social security earn before having to pay taxes?
Wiki User
∙ 11y ago
2010 and 2011
- For a single taxpayer, If your total AGI is less than $25,000, you pay tax on 0% of your benefits.
- If your total AGI is $25-34,000, you pay tax on 50% of your benefits
- If your total AGI is above $34,000, you pay tax on 85% of your benefits
- For a married couple filing jointly, If the total AGI is less than $32,000, you pay tax on 0% of your benefits.
- If your total AGI is $32-$44,000, you pay tax on 50% of your benefits
- If your total AGI is above $44,000, you pay tax on 85% of your benefits
Wiki User
∙ 13y ago
Wiki User
∙ 11y agoIf you file as single, none of your Social Security benefits are taxable if your combined income falls below $25,000.
Half of your benefits may be taxable when your combined income falls between $25,000 and $34,000.
85 percent of your benefits may be taxable when your combined income exceeds $34,000.
Wiki User
∙ 11y agoYou will have to pay federal taxes on your Social Security benefits if you file a federal tax return as an individual and your total income is more than $25,000. If you file a joint return, you will have to pay taxes if you and your spouse have a total income of more than $32,000.
Wiki User
∙ 11y agoYou will have to pay federal taxes on your Social Security benefits if you file a federaltax return as an individual and your total income is more than $25,000. If you file a joint return, you will have to pay taxes if you and your spouse have a total income of more than $32,000.
Wiki User
∙ 15y agoI wish I could give you a simple answer. They have made it incredibly complex.
See:
http://www.irs.gov/newsroom/article/0,,id=179091,00.html
Wiki User
∙ 13y agoI wish I could give you a simple answer. They have made it incredibly complex.
See the Related Links for a guide on this.
Add your answer:
Earn +20 pts
How do i get a social security card replacement card with felonies?
Felonies have nothing to do with having a Social Security card. Contact the Social Security office. They will need your birth certificate.
Are Social Security taxes taken out before or after taxes?
Social Security (FICA) taxes are withheld from your gross (before tax) salary.
What is social security number in UK?
having a problem
Can you get social security for having sickle trait?
No, not unless you are ill.
What does the money form social security taxes fund?
Social security is basically when the government takes a certain percentage of money from the working generation and gives it to the retired generation. When the working generation become retired, they receive social security. Social security started after the Great Depression, when the government needed to make sure that people had money stored away to live after they stopped working. People get certain amounts of social security depending on how much they and their spouses worked as young people, as well as what jobs and how much they gave to social security. The current problem with social security is that the baby boomers are now becoming retired, and there are more of them than the current generation of working people. There is not enough money to support these retiring people, and unless the government subsidies social security or takes other measures, it is likely to fall apart before people currently in their 30s and 40s become retired. So basically, the idea of how social security works is that you put away money and you will get that money when you retire.
How is your monetary compensation affected if you can retire at 60 but do not want your social security benefits until 66?
You can retire whenever you want to without collecting social security benefits. The longer you wait before signing up for social security, the higher your benefits will be. You can go to the social security site and calculate what your benefits will be. You can retire whenever you want to without collecting social security benefits. The longer you wait before signing up for social security, the higher your benefits will be. You can go to the social security site and calculate what your benefits will be.
Why do we now pay more percentage into social security than before?
The percentage amount paid into social security has not changed at this time.
What is average ny social security benefit pay?
what is the average social security payment for all people that are retired
Do people on social security disability receive refunds for taxes?
Only if the person works and has paid into Social Security.
If husband expires before spouse can she receive his higher social security payments?
Yes if he has worked and paid into social security. Do not wait. Call the social security office in your state and find out. Understand, that you cannot collect your social security and your husbands at the same time. They will explain it to you when you call.
At what age do you get benefits?
A person can start getting Social Security benefits at age 62. The longer a person waits the more Social Security pays. Because of additional income taxes on income from jobs, people with jobs normally wait until they are about 66 when the additional income tax caused because they are collecting social security stops before they start collecting Social Security. The additional income tax only applies to people with jobs. People with other retirement income do not need to pay it. So, people laid off at 62 without prospects of another job usually start collecting Social Security. People with good jobs hold off.
Does your employer still withhold Social Security if you are retired and collecting Social Security?
Yes. If you work after retirement, you will still have contributions to Social Security and Medicare (FICA) withheld from your paycheck at the same rate as before retirement.
