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The average Social Security benefit for 2022 is $1,784.21. Although some state tax rates vary depending on income, here’s an overview of how much you might pay if you live in one of the states ...
Although the original purpose for the number was for the Social Security Administration to track individuals, [1] the Social Security number has become a de facto national identification number for taxation and other purposes. [2] A Social Security number may be obtained by applying on Form SS-5, Application for a Social Security Number Card. [3]
The federal government began taxing Social Security benefits with the 1984 tax year, but it wasn’t until 1993 that tax rates and income thresholds were set to what today’s seniors are expected ...
These tax rates vary by state and by entity type. Taxable income conforms closely to federal taxable income in most states with limited modifications. [2] States are prohibited from taxing income from federal bonds or other federal obligations. Most states do not tax Social Security benefits or interest income from obligations of that state.
For example, in Colorado, residents ages 65 and older have been able to fully deduct federally taxed Social Security benefits on their state income tax returns since tax year 2022. For 2025, that ...
The changes in Social Security tax rates over time can be accessed on the SSA [126] website. The combined tax rate of these two federal programs is 15.30% (7.65% paid by the employee and 7.65% paid by the employer). In 2011–2012 it temporarily dropped to 13.30% (5.65% paid by the employee and 7.65% paid by the employer).
For the 2024 tax year, 35% of Social Security benefits were exempt from the tax. This year, 65% of benefits are exempt, and beginning in 2026, all Social Security benefits will be exempt.
Such numbers may also locally referred to as a national insurance number, social security number, tax identification number, JMBG/EMBG or by their local name. Some countries issued such numbers for a separate original purpose, but over time become a de facto national identification number.