Taxation Of Benefits

How Much Can I Earn Before My Husband's Benefits Are Taxed?

My husband is receiving SSDI. When I return to work what is the maximum amount I can make yearly before his SSDI becomes taxed? Does it sway the figures in our favor if I contribute to a 401k? I do not understand why such a rule even exists. He has higher medical bills than most so it is impossible to live off just one income.

Hi,

What Federal Tax Rate Percentage Will I Have To Pay On My Benefits?

I am going to retire 66 and 2 months in May of 2021. I would like to know how much federal tax I will have to pay. I read an answer of yours already and know that based on total income that I will either have to pay taxes of either 50 to 85%. My question is at what federal tax rate percentage will I have to pay. 20% 25 %?? Does it depend in what state I live which is New York?

Hi,

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,