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Old 04-03-2016, 12:26 PM
 
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My fiancé (who is a retiree) will get a check from Social Security soon as will our three-year-old son (for being the minor child of a retiree). Will both amounts be subject to the 15% tax withheld that we indicated on the W4, or just my fiance's amount?
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Old 04-03-2016, 01:37 PM
 
Location: Grove City, Ohio
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Quote:
Originally Posted by forenzavue View Post
My fiancé (who is a retiree) will get a check from Social Security soon as will our three-year-old son (for being the minor child of a retiree). Will both amounts be subject to the 15% tax withheld that we indicated on the W4, or just my fiance's amount?
It depends on the amount or if he has other income.

This might pleasantly surprise you.

How much of my social security benefit may be taxed? | Calculators by CalcXML

Let's assume he receives $42,000/year in social security benefits and those benefits are all he gets.

The amount subject to federal income taxes is a big fat zero as in nothing.

At $50,000 as head of household it's still a big fat zero and while $50k is possible I suppose it is rare to find it that high of an amount for two people.

That is the beauty of social security benefits; most of the time it's tax free income. Note that I said "most of the time" and didn't say "all the time". If you have other outside income, such as pensions, a job or IRA disbursements, up to 85% of the social security benefit may be taxed. Note that I said "may be".

Now you watch, after saying all that someone is still going to pitch in to remind me that sometimes, but not always, social security benefits may be subject to income tax.

Also know in most, but not all, states social security benefits are exempt from state taxes.
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