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Taxable social security benefits worksheet 2023 Form: What You Should Know

What Does Social Security Tax Cover? Social Security taxes do not apply to: Benefits you received prior to receiving Social Security benefits (before Jan 1, 1983). Benefits you receive as a surviving spouse upon the death of the deceased worker. Benefits paid to you as the child of a deceased worker. When should I pay taxes on my Social Security benefits? You may have to pay taxes on your benefits before they are received by the government. On Jan. 1, 1983, the Social Security Tax, also known as the FTA tax, was implemented for benefits received from April 4, 1983, through Feb. 28, 1984. This tax was phased in over the next two decades, gradually raising the amount you are required to pay. This tax also applies to benefits paid to your children for whom you are claiming the earned income credit (EIC) (line 19 of the Form 2040, Worksheet 1, shown above) or child tax credit (form 1040A, line 13)—because the child will need to file a taxable return to receive benefits on your behalf, the EIC or 1040A is used. As a result, taxes are not automatically withheld when you pay Social Security, and it is your responsibility to withhold these taxes. There is no tax if you are over the age of 65. In addition, on Jan. 1, 2016, there is an EIC/ICC/ETC credit on all child tax credits (line 29 of Form 1040A, Worksheet 1, shown above) that can reduce the amount of Social Security taxes you have to pay. In other words, if you received a Social Security benefit in 2023 and made a tax-free choice to receive a child tax credit instead of a Social Security benefit, you would reduce your Social Security tax liability if you chose to receive the child tax credit. What is a qualified disability? Some workers are eligible to claim a disability, which can reduce their taxable income. A qualified disability benefits is any individual claiming benefits as a result of an injury which rendered him permanently and totally unable to perform any substantial gainful task because of a medically determinable physical or mental impairment that existed for at least a year. It is a different thing from a “qualified employee disability benefit”, which is a benefit that is earned as a result of an injury.

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So if you're trying to reduce the impact of the Social Security tax torpedo it's important to understand how Social Security taxable income is calculated one way to do this is to visualize that all of your income goes into a bucket and as the amount of that income exceeds certain certain thresholds a higher portion of your Social Security benefits become taxable so at this first threshold all of your income below that all of your social security is tax-free as you exceed this first threshold your social security becomes 50% taxable then you exceed the top threshold it's 85% taxable the thresholds are going to be different depending upon whether or not you're a single individual or a married couple so single taxpayers basically the first threshold is $25,000 the top threshold is 34,000 now married couples as long as they're filing jointly their thresholds are going to be higher so for a married couple it's 32,000 that's the first threshold the second threshold is 44,000 so again if the total income is under this first threshold for a married couple the Social Security's tax-free when it exceeds that threshold then it's going to be taxable at different percentages depending upon which threshold they're at now here's the key about this not all of the income is treated the same way as it goes into the bucket and in fact some sources of income don't go into the bucket at all so first of all here's something very important Social Security benefits only 50% of the money you receive from Social Security goes into this bucket a hundred percent of the money that you receive from your Irish 401ks you're supp IRAs or 403b 's any of the traditional tax deferred retirement plans a hundred percent of the...

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