7 EFFICIENT Tips to Lower Your Social Security Taxes

extra cash taxes
Photo by natasaelena From Shutterstock

The wide majority of workers pay for Social Security throughout their entire careers. Also, there are many people who pay all their taxes on part of their Social Security payments in retirement.

Retirees who don’t earn a lot of money or whose only source of income is Social Security won’t have to pay income tax on their Social Security benefits. For retired workers, the average Social Security payment was known to be $1,547 two years ago, or $17,564 for the year, which is much lower than the taxable threshold of $25,000 for one person.

Even so, 40% of Social Security beneficiaries are obliged to pay federal income tax as part of their benefit, as the Social Security Administration stated.

1 23 ... 7»


Leave a Comment

Your email address will not be published. Required fields are marked *

Recommended For You