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In: Accounting

social security benefits received during the year?

social security benefits received during the year?

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Expert Solution

Solution= SOCIAL SECURITY BENEFIT>

Social Security benefits include monthly:

  • Retirement benefits
  • Survivor benefits
  • Disability benefits

Social Security in the United States is largely the Old-Age, Survivors and Disability Insurance federal program.However, you don't always include Social Security benefits in your taxable income. Once you reach retirement age, whether your Social Security benefits are taxable depends on your filing status and how much other income you receive.

Taxability of Social Security benefit> If your Income exceeds the thrushhold limit.

The result of these calculations will be that you pay taxes on the lower of:

  • 85% of your Social Security benefits
  • 50% of the benefits plus 85% of the amount of combined income over the second threshold amount
  • 50% of the amount of combined income over the first threshold amount, plus 35% of the amount of combined income over the second threshold amount,

ekkarill92 answered 2 years ago
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