I am planning retirement, is my social security taxable income?
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
Public Comments
- i just hired 3 full time employees last week,one gentleman is 63 years old....
- 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.
- If this is all the income you will have other than Social Security, then no.
- 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.
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