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Tax-free Social Security benefits? In 2024, Social Security benefits are subject to federal taxes for individuals with a combined income of over $25,000 ($32,000 for married couples filing jointly).
Tax-Aide’s focus is on taxpayers who are over 50 and have low to moderate incomes. ... nonexempt income in addition to your Social Security benefits. If you are 65, married, file a joint return ...
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 ...
It taxes Social Security the way the federal government does currently — with a $5,500 deduction for taxpayers over 65. New Mexico only taxes Social Security benefits if you earn more than ...
Social Security’s primary source of funding is payroll tax revenue. Each year, a wage cap is established that dictates how much income is taxed per worker for Social Security purposes. In 2025 ...
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).
The TRUST Act would double tax-exempt income for seniors on Social Security from $25,000 to $50,000 for single filers and from $32,000 to $64,000 for married couples.
Utah has a flat state income tax of 4.55%, which applies to all retirement income, including Social Security benefits. Seniors can get a tax credit against their taxable Social Security or can ...