How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Lev Your Own Question
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 29798
Experience:  Taxes, Immigration, Labor Relations
Type Your Tax Question Here...
Lev is online now
A new question is answered every 9 seconds

If i am over 65 and single (I'm 71) is it the case that, ok,

Customer Question

if i am over 65 and single (I'm 71) is it the case that
JA: The Accountant will know how to help. Please tell me more, so we can help you best.
Customer: ok
JA: Is there anything else the Accountant should be aware of?
Customer: yes, i'm 71 years old, single and make $8,000 social security and about $42,000 care-giving --making my income about $50,000 is it the case that the first $25,000 is non-taxable, and can I also take the standard deduction (a total of $7,850).
Submitted: 5 months ago.
Category: Tax
Expert:  Lev replied 5 months ago.

Assuming you are getting wages $42,000 as a caregiver.

Out of your $8000 social security benefits $6800 will be taxable and added to other taxable income

Expert:  Lev replied 5 months ago.

Adjusted Gross Income (AGI):$48,800

Std. Deduction:$7,850 - it is larger because you are above 65

Personal Exemptions:$4,050

Taxable Income $36,900

Regular Tax:$5,071

Minus whatever were withheld from your wages.

That will be your estimated tax liability.

Let me know if you need any help.