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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.

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βˆ™ 9y ago
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βˆ™ 13y ago

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.

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Wiki User

βˆ™ 13y ago

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.

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βˆ™ 15y ago

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

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Anonymous

Lvl 1
βˆ™ 3y ago
Nope. Β Social Security became taxable for the first time in 1984. That was 4 years into the Reagan presidency.Β 

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Ms Paula

Lvl 2
βˆ™ 3y ago

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.

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βˆ™ 11y ago

Social Security earnings are not taxed.

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Anonymous

Lvl 1
βˆ™ 3y ago
They ARE, depending on your total income. When you get your benefits either opt for voluntary withholding or plan to pay.Β 

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Related questions

How many people millionairs receive social socurity?

Yes. It doesn't make a difference whether you actually need it or not.


How much income outside of social security is taxable?

All income is taxable unless specifically excluded by law. Even a portion of your Social Security benefits may be taxable if you have sufficient total income.


Is workers compensation money taxable when used to offset social security?

No. Workers comp is not taxable.


Are social security benefits taxable in Massachusetts?

no


In what year did Social Security Benefits and Unemployment benefits become taxable?

Social security benefits became taxable income in the year of 1984.


Is disability social security for child support taxable?

No, it is not taxable, however you are obligate to maintain a record of how the money is spent.


Are social security benefits taxable?

Social security benefits are generally considered as taxable income according to the Internal Revenue Service. You will need to declare the income on your 1040 forms.


What is the 2012 social security cap?

In 2012, the maximum taxable earnings for Social Security are $110,100.


Where can I find some information on social security benefits that are taxable?

Social security benefits that are taxable include mutual funds, rrsps, gic's and any account like that. You should get money wherever you can. Good for you.


Is my Social Security Disability taxable in Arizona?

Most states, including Arizona, do not tax Social Security benefits.


Is there federal tax on social security income?

This depends on what your other income is besides your Social Security Income. Dependent on your filing status and other income your Social Security Income can very likely be partially taxable. Up to a maximum of 85% of your Social Security income can be taxable on your Federal Tax Return.


Do the Thurstons have taxable social security benefits to report on their joint return in 2010?

yes