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LawTalk
LawTalk, Attorney
Category: Social Security
Satisfied Customers: 37374
Experience:  I have 30 years of legal and litigation experience, including representing clients before the U.S. Social Security Administration.
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I am going to continue to work, but I am going to sign up

Customer Question

I am going to continue to work, but I am going to sign up for my social security benefits at the end of March. I turned 66 last month. Should I withold taxes from my social security benefit? There is no state income tax in my state and my job pays me $54,000 gross income a year.
Submitted: 1 year ago.
Category: Social Security
Expert:  LawTalk replied 1 year ago.

Good evening, Robert,

I'm Doug, and I'm sorry to hear of the confusion. My goal is to provide you with excellent service today. In order to give you a clear and concise answer, I will need some additional information about the circumstances, please.

1. Are you single or married?

2. if married what is your expected joint gross annual income this year?

Doug

Expert:  LawTalk replied 1 year ago.

Good evening Robert,

I've not heard back from you thus far, so I will explain the alternatives of the law as it regards ***** ***** of social security benefits,

You can do the following quick computation to determine whether some of your benefits may be taxable:
A. First, add one-half of the total Social Security benefits you received to all your other income, including any tax exempt interest and other exclusion from income.
B. Then, compare this total to the base amount for your filing status. If the total is more than your base amount, some of your benefits may be taxable.

If you are married filing jointly, your base amount is $32,000.
If you are single, your base amount is $25,000.

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

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

*Your adjusted gross income + Nontaxable interest + ½ of your Social Security benefits = Your "combined income".

***************************************************************************************

In order to set up withholding from your social security benefit payment, you can simply fill out a form and send it in to social security. You will need to determine whether you want them to withhold either7%, 10%, 15% or 25% from your benefit payment.

You can find the form---Voluntary Withholding Request---- here:

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

Or you may call 1-***-***-**** and request the form. Or, you may go to your local Social Security office and do it there as well.

You may reply back to me using the Reply link and I will be happy to continue to assist you until I am able to address your concerns, to your satisfaction.

I hope that I have been able to fully answer your question. Please be so kind as to rate my service to you. That is the only way I am credited for assisting you.

I wish you and yours the best in 2016,

Doug