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If your adjusted gross income is less than $75,000 as a single filer or $100,000 filing jointly, you can exempt 100% of your Social Security benefits and all other retirement income.
If you and your spouse’s total combined income after the above calculation is between $32,000 and $44,000, you may owe taxes on up to 50% of your Social Security income.
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 proportion of total income that is exempt from FICA tax as "unearned income" tends to rise with higher income brackets. Some, including Third Way, argue that since Social Security taxes are eventually returned to taxpayers, with interest, in the form of Social Security benefits, the regressiveness of the tax is effectively negated. [79]
Total income is the sum of all taxable income, including the W-2 wages. Almost all income is taxable. There are a few exemptions for individuals such as non-taxable interest on government bonds, a portion of the Social Security (SS) income (not the payments to SS, but the payments from SS to the individual), etc.
And those who are taxed may face a low tax rate, too. Consider Minnesota, for example, where, if Social Security is your only income, it's tax-exempt. Colorado. Connecticut. Minnesota. Montana ...
Eligibility for receiving Social Security benefits, for all persons born after 1929, requires accumulating a minimum of 40 Social Security credits. Typically this is accomplished by earning income from work on which Federal Insurance Contributions Act (FICA) tax is assessed, up to a maximum taxable earnings threshold.
In 2025, Colorado residents between the ages of 55 and 64 will be exempt from state Social Security taxes if they have an AGI of less than $75,000 for single filers and $95,000 for joint filers ...