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Finance And Taxes

All articles tagged with #finance and taxes

finance-and-taxes2 years ago•3 min saved

"Understanding Social Security Taxes: Filing Requirements and State Impacts in 2024"

Social Security recipients may need to file a tax return in 2024 depending on their income levels and filing status. Single filers with a gross income over $25,000, or married couples filing jointly with a gross income over $32,000, may have to pay taxes on up to 50% to 85% of their benefits. Filing a tax return can also be beneficial for those who want to claim refundable tax credits or have had federal income tax withheld, as they might be eligible for a refund. The Social Security Administration provides a Benefit Statement to help recipients determine their taxable benefit amount.

via CNET|

##finance-and-taxes #irs

finance-and-taxes2 years ago•2 min saved

"2024 Social Security Tax Changes: Higher Rates for High Earners and Impact on Taxpayers"

Social Security benefits are subject to income tax, with the amount owed depending on your "combined income," which includes your adjusted gross income, nontaxable interest, and half of your Social Security benefits. Up to 85% of benefits may be taxable for individuals with a combined income over $34,000 or couples over $44,000. Up to 50% may be taxable for individuals with combined incomes between $25,000 and $34,000 or couples between $32,000 and $44,000. The SSA-1099 form, sent by the Social Security Administration, assists in determining the taxable amount when filing federal tax returns.

via USA TODAY|

##finance-and-taxes #incometax