Taxes on Benefits Social Security is paid in with after-tax dollars but may be subject...
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Taxes on Benefits Social Security is paid in with after-tax dollars but may be subject to tax if annual income exceeds a base amount. A single taxpayer's base is $25,000. Married taxpayers filing jointly have a base of $32,000. Married taxpayers filing separately have a base of zero. Suppose Shen is retiring this year at age 67. The following table shows his data. Part-time salary Annual dividends 524,500 Annual savings account interest $2,000 Annual interest on Los Angeles municipal bonds $225 $950 Based on the income calculated, Shen will have % of his Social Security benefits taxed
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