do you pay taxes on social security?

Answer 1

No

Answer 2

I'm not paying taxes on it because I'm not getting benefits yet. But when I do get benefits, I'll have to pay taxes on part of my social security. Whether you pay taxes on part of your social security benefits or not depends on what your total income is for the year. If it's over $35K (I think) you have to pay taxes on a percentage of your social security. The percentage can go as high as 80% of your benefits. I'd recommend going to the Social Security Website (click on link below). It has a window that you can enter questions in. Just enter the same question there that you asked here, and you'll get the official take on your question or any other questions you might have. I've been going to the site and asking all sorts of questions so that I can figure out what I can expect when I choose to start receiving the benefits.

Another idea to help you better understand how much tax you will pay on your Social Security benefits is to use an income tax software package to figure it out. Just key in birth information that will make you look like you have reached retirement age, and also key in what you expect to receive as income; you know. pension check, earned interest on CDs or whatever, then key in what you expect to receive as social security benefits. If you don't know what you can expect to receive as SS benefits, go to the SS web site and ask for a yearly statement to be sent to you. It's free and has valuable info in it for you. Then key the numbers into the income tax program and it will figure it all out for you. For example, if you want to see what will happen to you at age 66, key in 1940 as your birth date. The program will crunch the numbers for you and show you how much of your ss benefits are taxed--usually as a summary at the end. I use the TaxAct income tax program which is available from the internet as is really inexpensive. It costs about $20 for the whole thing-- Federal and State. And during your first year with TaxAct, they give you the Federal free. You just pay for the State which is around $10.

Answer 3

It depends on how much other income you have. If you have very little other income, then you don't pay taxes on your social security. If half of your benefits plus all your other income is greater than $25,000 if you're single, $32,000 if you're married filing jointly, then some of your benefits are taxable. The more you make over that, the higher a percent of your social security is taxed. It can go as high as 85% of your benefits being taxable at whatever rate your bracket is.

Answer 4

As the last few posters stated, it depends on your other sources of income.

But you'll need to complete page one of your Form 1040 first, then complete a reasonably complicated worksheet in order to determine whether or not some portion of it will be included in your adjusted gross income.

Preparing your return with tax return preparation software (such as Turbo Tax or Tax Cut) will solve your problems, since these packages will do the calculation automatically.

Answer 5

yes, i have to pay ss taxes. I don't know why. I am not even going to benefit from it cuz my job is part-time.

Answer 6

You might be liable for some if you have a pension and/or pother sources of income.

Answer 7

impossible no

Answer 8

No!