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ABC Accounting Group
ABC Accounting Group, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 670
Experience:  Business Consultant/Accounting Manager
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Live in Florida, widower. I earn 16,146 00 in SS counting

Customer Question

Live in Florida, widower.
I earn 16,146 00 in SS counting Medicare. I have a yearly pension of $8,967.00 in a pension. Total $25,113.24 Presently I pay no income taxes. I am 74 years old.
I want to get a part-time job. How much can I earn? and what will be my deductions? I retired in 2004.
Submitted: 7 months ago.
Category: Tax
Expert:  ABC Accounting Group replied 7 months ago.

Hi. Great Question. Your pension is taxable, but not "taxed", due to your being under the 11,700 mark in taxable income (income after the standard deduction and exemptions).

I would note to keep your part-time job income under $16,033, since your social security will then be taxed if you make income over $25k in total (Pension of $8.967 + $16,033). You would still need to pay a little taxes, though (10%).

If you make between $25,000 and $34,000, you have to pay income tax on up to 50% of your Social Security benefits.

Standard deduction is currently $6,300 (single) and personal exemption is $4,050. If you make $11,070 in taxable income, you are not taxed. If you do not want any taxes, you would have to make around under $12.5k (11,070+6,300+4,050- 8,967) from your part time job.

Expert:  ABC Accounting Group replied 7 months ago.

Let me know if you have any questions.

Expert:  ABC Accounting Group replied 7 months ago.

Let me know if you have any questions. If not, a positive rating is very much appreciated. Thank you.