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To determine whether your benefits are taxable in a given year, you need to calculate what the Social Security Administration (SSA) calls your combined income, which includes your adjusted gross ...
Individual tax filers with a combined income between $25,000 and $34,000 may have to pay income tax up to 50% of Social Security benefits. And those with more than $34,000 could get taxed up to 85%.
You can game your income to reduce the amount you must give back to the government.
In 2020, the Social Security Wage Base was $137,700 and in 2021 was $142,800; the Social Security tax rate was 6.20% paid by the employee and 6.20% paid by the employer. [1] [2] A person with $10,000 of gross income had $620.00 withheld as Social Security tax from his check and the employer sent an additional $620.00. A person with $130,000 of ...
In some cases, some or all of your Social Security income can be state tax-free. For those who have to pay, monthly taxes on the average benefit will reach between $53.53 and $124.72. Kansas
If you file a federal tax return as an individual, you could pay income tax on up to 50% of your Social Security benefits (assuming a combined income of $25,000 to $34,000).