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TaxRobin
TaxRobin, Tax Preparer
Category: Social Security
Satisfied Customers: 18936
Experience:  15+ years in tax preparation and instruction
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How do I figure how much tax i pay on my social security. I

Customer Question

How do I figure how much tax i pay on my social security
JA: The Retirement Accountant will know how to help. Please tell me more, so we can help you best.
Customer: I receive $2.300 per month social security ; how is that taxed?
JA: Is there anything else important you think the Retirement Accountant should know?
Customer: I still make a good individual income - $68,000?
Submitted: 8 months ago.
Category: Social Security
Expert:  TaxRobin replied 8 months ago.

Hello, I'm Robin. Welcome to JustAnswer. I'm reviewing your question now and typing up my reply. I'll post that in just a few moments.

Expert:  TaxRobin replied 8 months ago.

No one pays federal income tax on more than 85 percent of his or her Social Security benefits based on Internal Revenue Service (IRS) rules. YOu take half your SSA and all your other income and add them together. That is your COMBINED INCOME.

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 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 a combined 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.

​If you are single Based on the worksheet provided in the most recent IRS Publication 915, your Social Security benefit(s) of $27,600 will be 85% taxable increasing your taxable income by $23,460 and creating a federal income tax liability of $5,161.