2007-05-09 07:23:21 · 5 answers · asked by Sandra T 1 in Business & Finance ➔ Taxes ➔ United States
shooperman (above) is correct except the amount for married filing joint is $32,000. not $34,000.
and as Judy said,, if social security is your only income, there is no tax on that
2007-05-09 15:57:22 · answer #1 · answered by Jo Blo 6 · 0⤊ 0⤋
It depends. Here is a simplified explanation... Add ALL of your income up (excluding social security income), even tax free interest/dividends. Take that total and add half of your social security to that number. If you are single and that total is less then $25,000, or if married and that number is less then $34,000 there is no tax due on your social security income. If the number is higher, you begin paying tax on your social security income on a sliding scale starting at 50% of your social security earnings being taxed up to a maximum of 85% of social security earnings being taxed at ordinary income tax rates.
2007-05-09 12:01:08 · answer #2 · answered by Shooperman 1 · 1⤊ 1⤋
Not if that's their only income. If they have enough other income, then some (up to 85%) of their social security is subject to income tax - the percent depends on their income.
2007-05-09 08:04:57 · answer #3 · answered by Judy 7 · 3⤊ 0⤋
Maybe.
See the SS worksheet in the 1040 Instructions.
2007-05-09 09:47:15 · answer #4 · answered by r_kav 4 · 1⤊ 0⤋
I think it depends on how much you make. Try this link I hope it helps.
2007-05-09 07:39:49 · answer #5 · answered by financing_loans 6 · 0⤊ 0⤋