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Category: Tax
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Experience:  Taxes, Immigration, Labor Relations
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# How much tax will we owe For 74.000 dollars. We areboth retired

### Resolved Question:

How much tax will we owe For 74.000 dollars. We areboth retired in our 70s and make about 43.000 from pensions and soscial security
Submitted: 6 years ago.
Category: Tax
Expert:  Lev replied 6 years ago.

LEV :

Hi and welcome to Just Answer!
To estimate your tax liability - we need to know each amount separately:
your social security benefits - ?
Any other income you have - ?

Customer:

Social sec for both 1811.00. Pensions 2675.00. Thats take home

LEV :

So - your social security benefits are \$1811*12=\$21732
and you do not have any other income - correct?

LEV :

You also mentioned income \$ 74.000 and \$43.000 - that you did not confirm - please verify if these are correct.

If your social security benefits are \$1811*12=\$21732
and your pensions are \$2675*12=\$32100 - assuming all taxable,
part of your social security benefits are taxable - \$5483
Assuming standard deduction, no dependents, no other deductions or credits - your estimated tax liability is \$1668.
Let me know if you need any help.