Taxation Of Benefits

How Much Should I Have Deducted From My Benefits?

I will be 66 on May 5th and am scheduled to receive my first benefit check on June 12th .I work as a project manager for a government contractor. I am married, but my wife doesn't work. We have custody of our grandson who is seven. I make $83,200/year gross. So how much should I have deducted from my social security benefit to avoid having to pay next year?

Hi,

If I Have Taxes Withheld From My Benefits, Will The Withholding Amount Be Based On My Net Benefit Rate?

I have a question that I can't find answered anywhere on the Internet, and hope you can answer it. If I use Form W-4V to withhold 7% of my social security benefit for federal income tax, will Social Security multiply that 7% times my gross benefit, or will they first subtract out Medicare Part B and Part D premium amounts? I thought I saw somewhere that they would apply the percentage to the net amount after the premiums are subtracted out, but now I can't find anything in writing. This makes a difference to how I fill out the form and how I budget.

Can You Please Explain Benefit Taxation And The Earnings Test In Layman's Terms?

I'm a retired public safety worker and am currently 59yo and single. I am always reading and trying to stay informed. Presently I receive two public safety pensions that are to my belief not subject to the WEP or GPO. I consistently receive a 3% annual cola from one and do receive sporadic cola's from the other. Because I am not going to be totally reliant on Social security I am interested in receiving my SS benefits at 62 and estimated that I will receive about 73k in pension pay at that time.

Will My 15% Tax Withholding Rate Be Changed Automatically To 12%?

Larry,

I originally had 15 percent withheld from my social security check 5 years ago. Will social security automatically lower the withholding rate to the new rate of 12 percent or will they grandfather my old rate of 15 percent in? Do I need to fill out a new W-4V form if I still want 15 percent withheld or is this not possible?

Hi,

Is The Federal Tax Withholding On Social Security Benefits Based On The Gross Or Net Benefit Amount?

Is monthly federal withholding tax on Social Security benefits calculated on the full benefit amount or on the amount remaining after the premium for Medicare Part B is deducted? For example, if my full benefit is $1,000 and I elect 10 percent withholding, is my monthly tax $100 ($1,000 x .10) or $86.60 ($1,000 - $134 = $866 x .10)? Many thanks.

Hi,

Do I Have To File Taxes?

HI Larry, my question...i am 68 years old, i am a widower, getting survivorship social security benefits of $ 550 x month,, i also drive for UBER,, independent contractor.DO i have to file taxes when my 2017 adjusted gross income was $ 8100 .?,,i am not collecting my own retirement benefits yet..
Appreciate your help.
Guillermo

Hi Guillermo,

Why Isn't The Amount That Social Security Withholds For Taxes Based On My Full Benefit Rate?

I just started receiving social security benefits and completed the W-4V form to withhold 10% for federal taxes. I just received the benefits statement, and I noticed that the 10% calculation was derived from the total benefit LESS the $134 Medicare deduction. Example, keeping the math simple - lets say my initial benefit amount was $1,134. After deducting $134 for Medicare, the benefit is reduced to $1,000 and they are now withholding 10% of the $1,000, not the $1,134.