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Megan C
Megan C, Certified Public Accountant (CPA)
Category: Social Security
Satisfied Customers: 16579
Experience:  Licensed CPA, CMA, CFE, CGMA M.Accy Also Teach Accounting courses at Master's Level
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attained full retirement age but continue to work full time

Customer Question

attained full retirement age but continue to work full time while receiving social security payments. Do I need to deduct state and federal taxes from my monthly social security check?
Submitted: 4 years ago.
Category: Social Security
Expert:  Megan C replied 4 years ago.

MyVirtualCPA :

I realize you have a question about social security. My goal is to help you better understand your options.

MyVirtualCPA :

As you have other income, up to 85% of your social security is taxable

MyVirtualCPA :

As such, voluntary federal withholding from your social security check would be wise. I would withhold 15% of your social security payment for taxes

MyVirtualCPA :

You can do this by using form W-4V

MyVirtualCPA :

http://www.irs.gov/pub/irs-pdf/fw4v.pdf

MyVirtualCPA :

There is no way to withhold state taxes from your check, but you could open a savings account and put a certain amount in each month

MyVirtualCPA :

Is there anything else that I can assist you with today?

MyVirtualCPA :

Is there anything else that I can help you with today?

MyVirtualCPA :

If not, please rate my response as "excellent" so that I may receive credit for assisting you today

Expert:  Megan C replied 4 years ago.
I see we were having issues with live chat. I have provided a response above...please review, then take a moment to rate my response as "excellent" so that I may receive credit for assisting you today

Thanks again for being a valued JustAnswer.com customer.
Expert:  Megan C replied 4 years ago.
Thanks for allowing me the opportunity to help you. Please let me know if I can be of any further assistance to you in this matter. I really enjoyed working with you – please feel free to request me again when you come back to ask another question. Simply enter "MyVirtualCPA" in the subject of your question Thanks again for being a JustAnswer customer