2007-09-23 09:59:47 · 4 answers · asked by dana d 1 in Business & Finance ➔ Taxes ➔ United States
It depends on your other income.
2007-09-23 10:05:25 · answer #1 · answered by Mark S 5 · 0⤊ 0⤋
There may be income taxes on Social Security benefits.
If you are unmarried and receiving SS benefits, then if your total income without the SS benefits, plus 1/2 of the SS benefits, is more than $25,000, you will pay income tax on some of the SS benefits.
If you are married, the number above changes from $25,000 to $32,000, with income and SS benefits combined for both spouses.
The percentage of SS benefits that may be taxed can go as high as 85%.
2007-09-23 17:06:01 · answer #2 · answered by ninasgramma 7 · 1⤊ 0⤋
Whether or not you pay tax on social security benefits depends on how much your total income is, and your marital status. If ss is your only income, or you only have a few thousand dollars other income for the year, you won't pay tax on the ss - up to 85% of your benefits can be subject to income tax if your total income is high enough.
2007-09-23 17:05:30 · answer #3 · answered by Judy 7 · 3⤊ 0⤋
Yes .
2007-09-23 17:05:33 · answer #4 · answered by kate 7 · 1⤊ 2⤋