How Do I Calculate My Social Security Taxes?
Throughout your career, the Social Security payroll taxes you’ve paid have gone toward funding benefits for other recipients. But what might surprise you is that in some cases, a portion of your Social Security benefits can also be subject to tax even after you retire. Below, we’ll look at the basics of how these taxes work and how you can calculate them.
How you can get taxed on your Social Security benefits
Social Security provides the bulk of most retirees’ income in their golden years, and as the Social Security Administration points out, you’ll typically have to pay income tax on Social Security benefits only if you have substantial income from other sources as well.
The starting point for the calculation is what the IRS calls your combined income.
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