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Mark Taylor
Mark Taylor, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 1644
Experience:  Certified Public Accountant
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We were speaking earlier regarding social security

Customer Question

Hi Mark, we were speaking earlier regarding social security questions. I was never able to reconnect with you with the answers to the questions you ask in the latter part of our conversations. Both my husband and I pay $104.90 out of our checks prior to the ss disbursement too us.
Submitted: 9 months ago.
Category: Tax
Expert:  Mark Taylor replied 9 months ago.

Hi, I assume that this if for Medicare.

Expert:  Mark Taylor replied 9 months ago.

I apologize my appointment ran longer than expected.

Customer: replied 9 months ago.
That is ok and yes it is Medicare.
Expert:  Mark Taylor replied 9 months ago.

The taxes would be based on the gross amount of the benefits. The maximum amount of Social Security benefits that are taxable is 85%. The deduction for Medicare would be an itemized deduction on Schedule A. Medical expenses are limited to 7.5% of your Adjusted Gross Income (the wages and 85% of the Social Security Income). For you to receive benefit for medical expenses would need to itemize and your total medical expense would need to be more than $8,000.

Expert:  Mark Taylor replied 9 months ago.

The amounts that I previously gave you is an estimate of the total tax. This would be reduced by any withholding from your husband's paycheck.

Expert:  Mark Taylor replied 9 months ago.

It is possible to have Social Security withhold a portion for Federal Taxes.

Customer: replied 9 months ago.
Ok I can work from this I think. I have in prior years had very expensive shots. Still do for that matter. I think we need to itemize for this year. I think I have the info I needed. May need to have to have SS do that on withholding more.Thanks for your help. Can I get a copy of our discussions so I can speak intelligently to my husband? TY
Expert:  Mark Taylor replied 9 months ago.

Other items that you would be able to deduct are: state taxes, property taxes, fees to register your auto, charitable donations (cash and non-cash donations), mortgage interest.

Expert:  Mark Taylor replied 9 months ago.

I think you are able to print out the discussion. Please let me know if you have any other questions. I am happy to help.