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Ask Lane Your Own Question
Category: Social Security
Satisfied Customers: 12675
Experience:  Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial, Social Security & Tax advice since 1986
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If i start to work now how much will my SS payments be taxed

Customer Question

if i start to work now how much will my SS payments be taxed Norman ************* *************
Submitted: 1 year ago.
Category: Social Security
Expert:  Lane replied 1 year ago.
Hi Norman...The amount of your social security that can be added to your TAXABLE income depends on a formula....Take 1/2 OF your social security, add it to all other household income (earned and otherwise)...Then if you are a single filer, if that number is ***** 25,000 (again 1/2 of social security benefit plus everything else for the year) the social security is not taxable at all...For joint filers, that number is ***** for amounts above that, (25,000 for single, 32000 for joint) that the percentage of social security moves from being 50% taxable up to 85% (that formula based number being up to 34,000 for a single filer and 44,000 for joint filers)...But no more than 85% of your benefits can ever be taxed.
Expert:  Lane replied 1 year ago.
If you'd like to tell me what you'll be earning, what your social security benefit IS (no personal information please) I can run the numbers FOR you...let me know...Lane
Expert:  Lane replied 1 year ago.
you can read about this directly ON Social Security's site here: this HAS given enough information, and you DON’T have other questions … I'd appreciate a positive rating (using the faces or stars on your screen, and then clicking “submit")...JustAnswer will not credit me for the time and work until you have rated in this way....Thank you!Lane……I hold a law degree (JD, Juris Doctorate), with concentration in Tax Law, Estate law & Corporate law, an MBA, with specialization in finance & tax, as well as CFP® and CRPS designations. - I’ve been providing financial, Social Security/Medicare, estate, corporate, both for-profit and non-profit, and tax advice, since 1986.