Are Social Security Benefits Taxable?
Depending on the amount of income you receive, your social security benefits may be taxable. If your individual income is less than $25,000, you will not be taxed. If your income is combined with that of your spouse, you will not be taxed if your combined income is less than $34,000. To calculate your income, simply combine your total income (through employment, investments, etc.) and one half of your social security benefits. If this number is over $25,000 you must pay income tax. Remember that married couples must combine their income. How Much Tax Must I Pay? - For Individuals:
- If your income is between $25,000 and $34,000 then 50% of your social security benefits are taxable
- If your income is over $34,000 then 85% of your social security benefits are taxable
- For Couples:
- If your combined income is between $34,000 and $44,000 then 50% of your social security benefits are taxable
- If your combined income is over $44,000 then 85% of your social security benefits are taxable
How Can a Lawyer Help?
If you are having tax problems or other problems related to social security benefits, an attorney specializing in social security benefits can advise you of your legal rights and help guide you through the complicated legal process. |
 |
