I realize you have a question about social security. My goal is to help you better understand your options.
How are you today?
Yes, all three payments would be subject to income tax, although you would not pay tax on 100% of your social security
You can use a calculator, HERE to calculate the amount of your social security benefit that would be taxable
So, when they say if your income passes 25000, what constitutes "income?" Is it the annuity and the interest from the bonds I'm invested in?
Is it the social security?
Yes, your annuity income and work income is considered "income"
So, then I'm well past 25000
So, why do you say I wouldn't pay tax on "all" of my social security?
It sounds like a portion is taxable to me. You can use the calculator I provided to determine how much is taxable
Because the IRS applies a formula. You only pay tax on up to 85% of your benefit
HOw much you pay depends on your other income
ok. let me try the calculator. thanks. i think they purposely make it really difficult!
I understand. Please let me know if you need further assistance, and please rate my response as "Excellent" so that I may receive credit for assisting you today
Do you pay social security tax as well?
No, you only pay social security tax when you work
You don't pay social security tax on social security income
You won't pay it on your annuity either
social i would pay social security on the 15,120 job, but not the annuity or social secuity benefit. right?
That is correct