... I reached full retirement age in the same month February 2024.
... What is my total federal income tax? How much of the SS benefit will be taxed?
Yes, the original poster is over age 65 [*] and is entitled to the extra $1,950 standard deduction on a 2024 tax return. As shown below I confirm your results for federal tax and percent of SS that is taxable.... If you are 65 or older, about $3980, Edit:with about 64% of SS being taxed.
Code:
Social Security 50% threshold 25,000Social Security 85% threshold 34,000Floor: ord income 12% bracket 11,600Floor: ord income 22% bracket 47,150Non-SS Ordinary Income 35,189 = 30633 + 2000 + 2556Social Security Benefit 25,795 ------SS Relevant Income 48,087 = 35189 + 25795 / 250% SS taxable 4,500 = 50% * (34000 - 25000)85% SS taxable 11,974 = 85% * (48087 - 34000) ------Total SS taxable 16,474 (equals 64% of 25795)Code:
Adjusted gross income 51,663 = 35189 + 16474Standard deduction 16,550 ------Taxable Income 35,113Taxable: ord income 12% bracket 23,513 = 35113 - 11600Taxable: ord income 10% bracket 11,600Tax: ord income 12% bracket 2,822 = 23513 * 12%Tax: ord income 10% bracket 1,160 = 11600 * 10% -----Total tax 3,982Statistics: Posted by #Cruncher — Thu Aug 01, 2024 3:19 pm — Replies 10 — Views 941