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How much tax will we owe For 74.000 dollars. We areboth retired

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in our 70s and...
How much tax will we owe For 74.000 dollars. We areboth retired in our 70s and make about 43.000 from pensions and soscial security
Submitted: 6 years ago.Category: Tax
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5/3/2011
Tax Professional: Lev, Tax Advisor replied 6 years ago
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 30,611
Experience: Taxes, Immigration, Labor Relations
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LEV :

Hi and welcome to Just Answer!
To estimate your tax liability - we need to know each amount separately:
your social security benefits - ?
Your pensions - ?
Your wages - ?
Any other income you have - ?

Customer:

Social sec for both 1811.00. Pensions 2675.00. Thats take home

LEV :

So - your social security benefits are $1811*12=$21732
and your pensions are $2675*12=$32100
and you do not have any other income - correct?

LEV :

You also mentioned income $ 74.000 and $43.000 - that you did not confirm - please verify if these are correct.

If your social security benefits are $1811*12=$21732
and your pensions are $2675*12=$32100 - assuming all taxable,
part of your social security benefits are taxable - $5483
Assuming standard deduction, no dependents, no other deductions or credits - your estimated tax liability is $1668.
Let me know if you need any help.

Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 30,611
Experience: Taxes, Immigration, Labor Relations
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Tax Professional: Lev, Tax Advisor replied 6 years ago
You also mentioned income $ 74.000 and $43.000 - that you did not confirm - please verify if these are correct.
Do you have or expect to have any additional income besides your social security benefits and pensions?
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Lev
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 30,611
30,611 Satisfied Customers
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