Taxation Of Benefits

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.

Is My Income Counted When Determining Whether My Wife's Social Security Is Taxable?

I receive a government pension (worked for USPS for 37 years) I receive $76K from the USPS pension and another 19K form Thrift Savings plan. My wife start collecting Social Security this August. My question - Is my government pension and Thrift Savings accounts considered taxable income for my wife's Social Security? According to SS "If you are married and you and your spouse have a total income of more than $32,000," you may have to pay taxes on the benefits you get from SS.

Will I Have To Pay Full Taxes On The Socical Security Back Pay I Received?

A few month ago I wrote to you about $25,000 that SSA put in my checking account. My wife turned 62 a year and half before me, she took her SS, a year an half later I took my SS; seems like her SS payments should have gone up do to my higher earnings. SSA also put $4,718.00 in my grown sons account?..Question will I have to full taxes on the 25 K or shouldn't I only have to pay the 20% or whatever it is? All This came about due to my passing away after being married to my for 55yrs. I called SSA to stop SS check and then this happened.

Hi,