2006-11-02 10:56:23 · 3 answers · asked by Ramsay D 1 in Business & Finance ➔ Taxes ➔ United States
Depending on what other income you have besides your social security, you might owe income tax on part of your social security payment, on up to 85% of it. Whatever part is taxable, if any, is treated for tax calculation just like any other income. If you're going to owe tax on your social security payments, you should either have taxes taken out, have extra tax taken out of some other income that you have, or make quarterly estimated payments. If you wait until you file your return, you risk interest and penalties for underpayment.
2006-11-02 11:17:27 · answer #1 · answered by Judy 7 · 0⤊ 0⤋
I agree with Judy. My personal preference would be to withhold taxes from other income if you have a choice. The only case where I would choose to have taxes withheld from Social Security payments is if my other income was not in a form from which withholding. was an option.
On the other hand, I have no idea if you have a choice.
2006-11-02 21:04:29 · answer #2 · answered by STEVEN F 7 · 0⤊ 0⤋
It is your own choice to have tax wh on SS. You can choose to have them take it out, or not.
2006-11-02 21:05:50 · answer #3 · answered by irongrama 6 · 0⤊ 0⤋