Social Security Information?

Question

I need to have taxes taken out of my Social Security and they only give you certain rates, can someone tell me which rate is best 7%, 10%, 15% or 25%

Answer 1

There's not enough info here to answer your question. It depends on what other income you have, and and that will determine how much of your social security is taxable.

Maybe your best bet is to see what you owe this year, then if nothing much is changing, figure out what percent of your total social security would pay that amount.

If you are just starting to collect, make a rough estimate of your taxes for next year, figure out how much is going to be taken out of your pension if you have one, and figure what percent of your social security you need to have deducted to make up the difference. If you have savings accounts, CD's, or mutual funds that will be paying taxable interest, dividends or capital gains each year, remember to include them in your calculation.

If your other income puts you in a 25% bracket, then that's what you'd be paying on the taxable part of your social security, and you'd probably be paying on 85% of what you get - that's the maximum. If that's the case, you'd probably want to have 25% taken out - 15% wouldn't do it. Or you could file quarterly, but that's kind of a pain.

If on the other hand, you're in the 15% bracket, then 10% would probably be enough. And if you're in the 10% bracket, 7% is probably plenty.

Good luck.

Answer 2

If you are not self employed then you can talk to your office manager and he/she should be able to assist you. another guidline you can use is to see how much you had to pay to the IRS last year and divide that number by how many pay periods that you have and have your office manager increase the amount that is deducted for taxes. I done that 2 years ago after I had to pay the IRS a few hundred dollars, the following year I had my office manager deduct an additional $9.00 a week and last year I got a refund, was not large but atleast I did not owe the IRS anything. If this is just coming out of a social security check that you are recieving then call your local IRS office and they can tell you what you need to send in. Hope that this helps, good luck.

Answer 3

till now she began working for u, u shld are transforming into that information..till now ne get employed at everywhere, that the 1st element they ask for ur SS#..I dont think of u can now go returned and attempt to record a 1099 if u in no way had a checklist in the 1st places of taxes that u have been withholding on funds paid to her..next time get the tips up front..She isn't obligated to offer u her information now that she isn't working for u..

Answer 4

It depends on how many dependents you have. If you are single, 25%.