How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Lev Your Own Question
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 29535
Experience:  Taxes, Immigration, Labor Relations
870116
Type Your Tax Question Here...
Lev is online now
A new question is answered every 9 seconds

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 - ?
Your pensions - ?
Your wages - ?
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 your pensions are $2675*12=$32100
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.

Lev and 3 other Tax Specialists are ready to help you
Expert:  Lev replied 6 years ago.
You also mentioned income $ 74.000 and $43.000 - that you did not confirm - please verify if these are correct.
Do you have or expect to have any additional income besides your social security benefits and pensions?