Social Security checks go up 8.7% in January!

Brothers of Briar

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ftrplt

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Will be interesting to hear/read how this large increase pushes singles & couples above the tax thresholds for owing income tax on their SS earnings!!!
 

DWSmith

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Will be interesting to hear/read how this large increase pushes singles & couples above the tax thresholds for owing income tax on their SS earnings!!!
Not sure I understand your point. You're still coming out way ahead of the additional income taxes. Using some simplified basic numbers for an example I figured it might mean you get an additional $174 and pay $26 in additional taxes per month. Are you going to turn down the additional after taxes $148 per month???
 
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ftrplt

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Not sure I understand your point. You're still coming out way ahead of the additional income taxes. Using some simplified basic numbers for an example I figured it might mean you get an additional $174 and pay $26 in additional taxes per month. Are you going to turn down the additional after taxes $148 per month???
First, I wasn't making any "point!" Just wondering what the responses will be from the folks who will get pushed above the cutoff thresholds for "not owing/owing" income taxes on 85% of their SS earnings? There is no "choice" for turning it down; just as there is no "choice" for having to pay if you go over the limit by one measly dollar. The thresholds were not/are not indexed. I feel badly for those who will be getting a surprise tax increase. FTRPLT
 

DWSmith

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First, I wasn't making any "point!" Just wondering what the responses will be from the folks who will get pushed above the cutoff thresholds for "not owing/owing" income taxes on 85% of their SS earnings? There is no "choice" for turning it down; just as there is no "choice" for having to pay if you go over the limit by one measly dollar. The thresholds were not/are not indexed. I feel badly for those who will be getting a surprise tax increase. FTRPLT
Are you referring to some states' taxes?
 

Ol'Dawg

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Fed income tax is 50% SS income tax for individual $34,000, $44,000 for couple. Over for SS tax 85%. The brackets are 10% up to 37%. The bracket may changed to a lot more tax.

Earlier, they found minimum $15 hour pay actually got less wages home pay. Taxes could hurt a lot.
 
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