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Megan C
Megan C, Certified Public Accountant (CPA)
Category: Social Security
Satisfied Customers: 12223
Experience:  Licensed CPA, CMA, CFE M.Accy Also Teach Accounting courses at Master's Level
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attained full retirement age but continue to work full time

Customer Question

attained full retirement age but continue to work full time while receiving social security payments. Do I need to deduct state and federal taxes from my monthly social security check?
Submitted: 11 months ago.
Category: Social Security
Expert:  Megan C replied 11 months ago.

MyVirtualCPA :

I realize you have a question about social security. My goal is to help you better understand your options.

MyVirtualCPA :

As you have other income, up to 85% of your social security is taxable

MyVirtualCPA :

As such, voluntary federal withholding from your social security check would be wise. I would withhold 15% of your social security payment for taxes

MyVirtualCPA :

You can do this by using form W-4V

MyVirtualCPA :

http://www.irs.gov/pub/irs-pdf/fw4v.pdf

MyVirtualCPA :

There is no way to withhold state taxes from your check, but you could open a savings account and put a certain amount in each month

MyVirtualCPA :

Is there anything else that I can assist you with today?

MyVirtualCPA :

Is there anything else that I can help you with today?

MyVirtualCPA :

If not, please rate my response as "excellent" so that I may receive credit for assisting you today

Expert:  Megan C replied 11 months ago.
Our chat has ended, but you can still continue to ask me questions here until you are satisfied with your answer. Come back to this page to view our conversation and any other new information.

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If you haven’t already done so, please rate your answer above. Or, you can reply to me using the box below.
Expert:  Megan C replied 11 months ago.
I see we were having issues with live chat. I have provided a response above...please review, then take a moment to rate my response as "excellent" so that I may receive credit for assisting you today

Thanks again for being a valued JustAnswer.com customer.
Expert:  Megan C replied 11 months ago.
Thanks for allowing me the opportunity to help you. Please let me know if I can be of any further assistance to you in this matter. I really enjoyed working with you – please feel free to request me again when you come back to ask another question. Simply enter "MyVirtualCPA" in the subject of your question Thanks again for being a JustAnswer customer

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