Is social security income subject to any government or other deductions?
June 28th, 2008 | by security |
Les R asked:
Once you reach retirement age and receive social security, assuming you get the typical medicare packages, is the income subject to deductions?
BOYD
Once you reach retirement age and receive social security, assuming you get the typical medicare packages, is the income subject to deductions?
BOYD
One Response to “Is social security income subject to any government or other deductions?”
By v b on Jun 30, 2008 | Reply
Income tax is based on total income, not age.
If you have a moderately high income, the social security benefits can be taxed at up to 85%.
Eg, you get $12,000 in benefits, $10,200 is added to your other income for tax purposes.