2006-11-01 02:02:34 · 8 answers · asked by Jack N 1 in Business & Finance ➔ Taxes ➔ United States
If you mean how do you avoid paying federal taxes on social security distributions you get when you retire then you have to keep your other sources of income down. This link on page 28 shows you the calculation to determine taxable social security benefits.
http://www.irs.gov/pub/irs-pdf/i1040.pdf
2006-11-01 05:46:53 · answer #1 · answered by porkchop 5 · 1⤊ 1⤋
Everyone must pay social security tax on the first 94,200 of wages. If you are talking about paying income tax on social security benefits, then after you reach a certain level of other income, your social security benefits become taxable to an extent.
2006-11-01 07:15:55 · answer #2 · answered by Dave 3 · 0⤊ 0⤋
Become a teacher.
Because of the teacher retirement system, they don't have to pay social security taxes.
2006-11-01 02:10:31 · answer #3 · answered by T H 4 · 0⤊ 0⤋
As a tax professional, I am sorry to say that you cannot get out of paying taxes on Social Security distributions. You can however offset them with other deductions such a charitable contributions.
2006-11-01 02:11:46 · answer #4 · answered by Wanderer 4 · 0⤊ 1⤋
If your modified adjusted gross income with one-half of your social security is low enough then none of the social security would be taxable. Modified adjusted gross income for this purpose is regular AGI plus tax exempt interest and other items. The threshold is $32,000 for joint filiers and $25,000 for single filiers.
2006-11-01 02:11:19 · answer #5 · answered by waggy_33 6 · 2⤊ 1⤋
Taxes are part of life and one can never get away from them. Sorry.
2006-11-01 02:04:47 · answer #6 · answered by Anonymous · 0⤊ 0⤋
either don't collect any, or make sure your other income is lower than the applicable thresholds.
2006-11-01 02:11:07 · answer #7 · answered by jinenglish68 5 · 0⤊ 0⤋
you can't, it's the law
2006-11-01 02:04:46 · answer #8 · answered by Penguin Gal 6 · 0⤊ 0⤋