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Question

I will be making 102,600.00 and in addition, in February, I'll be getting a social security check for 1100.00. I am full retirement age though still working. How much shall I withhold for taxes from my social security check so that I don't have to pay anything at tax time?

Submitted: 17 days and 3 hours ago.
Category: Tax
Value: $15
Status: CLOSED
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State/Country relating to question: Connecticut

Posted by Bill 17 days and 3 hours ago.

Info Request

What is your filing status and do you itemize deductions?

16 days and 10 hours ago.

Reply

My filing status is single and I don't itemize deductions. I have taken one standard deduction from my paycheck so I usually get money back from the IRS when I file.

Reading my message again, I hope it's understood that as of February, I'll be getting 1,200.00 each month from Social Security.

Posted by Bill 16 days and 4 hours ago.

Answer

If you will receive $13,200 (11 x $1,200) from social security next year then $11,220 (85%) will be taxable. Your gross taxable income after your standard deduction and personal exemption will be $103,070 ($113,820 - $10,750) and your total federal income taxes will be approximately $22,580. You will be in the 28% marginal tax bracket so you may want to have 28% ($3,142) withheld from your social security benefits.

16 days and 4 hours ago.

Reply



Just one more question about this, Bill. The Social Security office told me that 50% of my social security is taxable, not 100% because I am full retirement age. Did you take that into account when you sent me your reply?

This has been most helpful!

Accepted Answer

To determine whether any amount of your social security benefits will be taxable, you add 50% of your benefits to your other income and if this sum exceeds $25,000 then a portion of your benefits will be taxable. Because your other income is so high, 85% of your social security benefits will be taxable.

 

http://www.irs.gov/newsroom/article/0,,id=179091,00.html

 

See page 5 - http://www.irs.gov/pub/irs-pdf/p915.pdf

 

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Expert: Bill
Pos. Feedback: 99.6 %
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Answered: 11/5/2009

Enrolled Agent

EA, QPA, CHFC, CEBS, CLU - 29 years experience providing financial advice

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