How is SS taxed as a pension? All of it? None of it? Part of it?
2006-07-11 08:01:18 · 4 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
Social Security is taxed as follows:
You take half of your social security plus all your other income and if the sum exceeds 25k if single, or 32k if married filing jointly up to 85% of your social security is taxable the actual percentage of amount taxed depends on far over you go on this income threshold. The tax you pay depends on what your tax rate is as taxable social security is included in your gross income.
Hope that helps clarify. Good Luck!
2006-07-15 16:18:36 · answer #1 · answered by lade40free 2 · 0⤊ 0⤋
It is not always tax-free. There is a calculation that determines how much of SS benefits are taxable. This calculation works off your adjusted gross income. Therefore, if you have income from other sources, then the formula will cause more and more of the benefits to be taxable. See irs.gov for publications that detail the calculation.
2006-07-11 15:22:05 · answer #2 · answered by Tax Man 2 · 0⤊ 0⤋
Depends on your other income, if any. Can be anything from none of it up to 85% of it taxed.
2006-07-11 20:17:29 · answer #3 · answered by Judy 7 · 0⤊ 0⤋
None of it !
2006-07-11 15:04:19 · answer #4 · answered by Vulcan 1 5 · 0⤊ 0⤋