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Taxes on Social Security Income - Should I Pay?
from: www.TaxesExposed.comMost disabled people end up receiving social security. What scares people the most is they wonder how they will afford to live while paying taxes on social security income; or if they even have to still pay taxes on social security income.
For several people, the question "Do I still pay taxes on social security income" is one of the most frequently asked questions. It might not be for them, possibly a spouse, sibling, or parent; but it is still a question on their minds. The answer; is both yes and no.
Most individuals when they collect a social security income, they are retired. However, because people are living much longer than those in the past, are also working longer. Therefore, several times when people hit retiring age, they are still working. So, they decide to keep working and collect the social security income at the same time. So, if you continue to work as well as collect social security income, yes, you will have to pay taxes on social security income. Therefore, the only time you would not have to pay taxes on social security income is if that was the only income you had coming in!
When it comes to paying taxes on social security income, all within the last 15-20 years did the laws change. In fact, in 1983 is when the law changed stating that retirees with an annual income above the limit has to pay taxes on social security income. When a person makes $25,000-$34,000, they might have to pay 50% of their benefits to taxes; and so on; going by what they make. However, the most taxes a person will have to pay in their social security income are 85% taxes.
Also, in 2005 the Social Security Administration had changed the social security income again. It was changed so that taxes will only be taken out of a employees wage for on the first $90,000. There after, no more social security will be taken out, and everybody will be paying the same amount of taxes for their social security income.
So, if you are thinking about collecting your social security income, the most beneficial thing for yourself to do is to retire completely. Then once you are completely retired, start collecting your social security income. If you retire first, then you will not have to pay taxes on social security income! Whereas if you collected them while working, you will be paying taxes on both incomes coming in.
Christine Gray is a recognized authority on the subject of Online Taxes. Her website Taxes Exposed provides a wealth of information on everything you will need to know about Income Taxes. All rights reserved. Articles may be reprinted as long as the content and links remains intact and unchanged.
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