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Colorado recently reduced its state income tax to 4.25% from 4.4% starting with the 2024 tax year, which applies to all of your taxable retirement income, including Social Security benefits. But ...
Individual tax filers with a combined income between $25,000 and $34,000 may have to pay income tax up to 50% of Social Security benefits. And those with more than $34,000 could get taxed up to 85%.
Seniors living in Vermont can expect to pay between 3.35% and 8.75% in state income tax, but whether your Social Security benefits are excluded depends on your filing status and adjusted gross income:
The pension replacement rate, or percentage of a worker's pre-retirement income that the pension replaces, varies significantly across states and benefit tiers within state retirement systems. Whether or not a worker is enrolled in social security can significantly impact how secure a public worker’s retirement is.
State taxes on Social Security benefits are different based on which state you live in.
In 2020, the Social Security Wage Base was $137,700 and in 2021 was $142,800; the Social Security tax rate was 6.20% paid by the employee and 6.20% paid by the employer. [ 1 ] [ 2 ] A person with $10,000 of gross income had $620.00 withheld as Social Security tax from his check and the employer sent an additional $620.00.
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