June 29, 2010
I am planning retirement, is my social security taxable income?
hotrodhealy asked:
I will be 65 and there is no one hiring, I do have a part time job @ 9.00 hr for a total of 22 hrs a week
Marcel
I will be 65 and there is no one hiring, I do have a part time job @ 9.00 hr for a total of 22 hrs a week
Marcel
Comments on I am planning retirement, is my social security taxable income?
Armando
i just hired 3 full time employees last week,one gentleman is 63 years old….
Kristopher
It depends on the rest of your income.
For some people, none of the SSA benefits are taxable.
For others, up to 85% is included in their income.
The formula for singles is 1/2 of theSSA benefits plus all other income. If the total is less than $25,000, none of the SSA benefits are taxable.
If you are under full retirement age for the entire year, we deduct $1 from your benefit payments for every $2 you earn above the annual limit.
For 2009, that limit is $14,160.
Dayana
If this is all the income you will have other than Social Security, then no.
Soren
SS income can be partially taxable depending on your total income - and total joint income if you are married. If half of your ss plus all of your other income is over $25,000, some of the ss is taxable.