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Here’s a list of states that tax Social Security ... tax rate is 4.40 percent for the 2024 tax year. ... is below the following levels for the 2023 tax year: Single, married filing separately ...
As of 2023, taxes on Social Security benefits in New Mexico have been phased out for individuals earning less than $100,000 a year and married people filing jointly who earn less than $150,000.
Learn whether your state taxes Social Security ... $100,000 for married taxpayers filing joint returns ... Utah taxes Social Security benefits at its flat state income tax rate of 4.55% in 2024 ...
Robert Reich, former United States Secretary of Labor, suggests lifting the ceiling on income subject to Social Security taxes, which is $168,600 as of 2024. [118] Increase Social Security taxes. If workers and employers each paid 8.0% (up from today's 6.2%), it would provide solvency through 2090.
Taxes on Social Security benefits have been nixed in New Mexico for individual recipients with annual earnings less than $100,000, and married people making less than $150,000.
Otherwise, taxes in the range of 3.75% to 5.99% apply, resulting in a tax bite of between $66.91 and $106.87 monthly on the average Social Security benefit. Utah. Utah’s flat tax rate of 4.85% ...
State taxes on Social Security benefits are different based on which state you live in.
The average spouse of a retired worker collects around $909 per month from Social Security, as of November 2024. That amounts to a raise of around $23 per month.