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Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 10103
Experience:  Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
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If I draw gross of $699.65 per mo. from U.S. Treasury

Customer Question

If I draw gross of $699.65 per mo. from U.S. Treasury Income, what percentage of taxes should I take out monthly.
Gross income of all $54,404
Net Income of all incomes $45,000.
Submitted: 3 months ago.
Category: Tax
Expert:  Lane replied 3 months ago.

Hi, My name's Lane. I can help you with this.

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If you can tell me your filing status (single, Joint) I can run the numbers for you.

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(Also verify for me that you mean Social Security Retirement benefits)

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The formula for how much OF Social Secuirty is taxable has to do with a number called "provisional income." sometimes called "combined income."

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From Social Security:

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If you:

  • file a federal tax return as an "individual" and yourcombined income* is
    • between $25,000 and $34,000, you may have to pay income tax on up to 50 percent of your benefits.
    • more than $34,000, up to 85 percent of your benefits may be taxable.

  • file a joint return, and you and your spouse have acombined income* that is
    • between $32,000 and $44,000, you may have to pay income tax on up to 50 percent of your benefits
    • more than $44,000, up to 85 percent of your benefits may be taxable.

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Once I know your filing status, I have everything I need to know what you need to withhold.

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Let me know

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I'll be here

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Lane

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I hold a law degree, (Juris Doctorate), with concentration in Tax Law, Estate law & Corporate law, an MBA, with specialization in financial accounting & tax, a BBA, and CFP & CRPS designations, as well - I’ve been providing financial, Social Security/Medicare, estate, corporate, non-profit, and tax advice, since 1986.