Are pension benefits subject to Social Security taxes?

Answer Pensions are not subject to the Social Security tax because the IRS classifies them as unearned income (see IRS Pub 54, p 16). The Social Security tax only applies to earned income.Source:IRS: Publ... Read More »

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Are Social Security benefits subject to federal& state income tax?

Social Security benefits may be subject to federal income taxes if your income exceeds the threshold for your filing status, which adjusts annually for inflation. Some states tax Social Security be... Read More »

How to Pay the Taxes on Your Social Security Benefits?

Social Security was created to provide retirement income for people after their working years. If you are receiving Social Security benefits, you may have to include part of your benefits as taxabl... Read More »

Do we pay taxes on Social Security benefits?

You only pay income taxes on Social Security benefits if your total taxable income, including the benefits, exceeds the annual limits. As of 2010, no matter how much income you make, you only pay f... Read More »

Do you pay taxes on Social Security benefits?

Your Social Security benefits might be taxable, depending on your total income and filing status. As of 2010, no more than 85 percent of your Social Security benefits will be included in your taxab... Read More »