Have a Tax Question? Ask a Tax Expert
Thanks for asking your question! I'm sorry to hear about your tax issue and I'm going to try my best to help you understand or resolve it.
All of your income from your part time work is taxable - you will not have a portion that is not taxable.
Up to 85% of your social security could be taxable, depending on the level of your other income.
You can use a calculator HERE To estimate your taxable social security, then elect to have taxes withheld by filling out form w-4V
this would be annual amts in this calculator? guesstimate on my part. i received an IRA distribution a couple months ago, they withheld fed/state tax; i receive a monthly IRA distribtion and they withhold fed/state tax; i receive a federal pension and they withold fed/state tax; when i work at my old job they withold fed/state. the other job they don't (so i'd have to pay) and then soc sec. i'm sort of flying blind and i think i'd better save enough for yr end in case i owe....
Yes, in the calculator you would enter annual amounts
If you are scared that you won't save enough, you can fill out form W-4V and have taxes withheld from your social security
what is a good % to withhold. i've been using 20% for fed and 10% for state for my monthly ira and for the distribution i made a couple months ago....
I would do 10% on your social security. Keep in mind that they will only withhold federal - no state tax can be withheld from your social security.
hm ok ... i think i will feel better if i keep some $ aside just in case.. i normally get a few thousand refunded (I own a home which is big plus for me) if i break even or owe some i think i'll be ok. it should be easier next year.....thx you've been a great help!
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sure will.....bye now