Have a Tax Question? Ask a Tax Expert
Hi, I assume that this if for Medicare.
I apologize my appointment ran longer than expected.
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.
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.
It is possible to have Social Security withhold a portion for Federal Taxes.
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.
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.