Monday, March 9, 2015

'" Is Social Security Taxable ? "

If the Combined Income exceeds the Thresholds listed below, up to 85% Of Security Income may be Taxable depending upon Tax Payer's Filing Status.  List the details:
1.  S or HOH:
      1.1 If the Income is Below $34.001, Up to 50% of Social security Benefits are Taxable.
      1.2 If The Income is Above, $34.001, Up to 85% of Social security Benefits are Taxable.
2.  MFS - 
       2.1  If the Spouses live apart through out the year - Benefits are Taxed at Same as Single Person.
       2.2  If the Spouses lived together any time of the year, Benefits Taxed at 85% regardless of Income.
3.  MFJ -
      3.1  If the Combined Income is greater than  $32,000 but less than $44,001 up to 50% Benefits are Taxable.
      3.2  If the Combined Income is greater than  $44.001 up to 85% Benefits are Taxable.

Q & A Contact :  Kash, (925) 963 4891 @ Yajnik & Mehta Associates  (YMA) 
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