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ABC Accounting Group
ABC Accounting Group, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 712
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: 10 months ago.
Category: Tax
Expert:  ABC Accounting Group replied 10 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 10 months ago.

Let me know if you have any questions.

Expert:  ABC Accounting Group replied 10 months ago.

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