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Read below for a quick reference guide on Social Security Taxation and the effect on your benefits if you keep working.....
To calculate IF social security income is taxable:
2020 Base Amounts:
To see HOW MUCH social security income is taxable:
Generally up to 50% of your benefits will be taxable. However, up to 85% of your benefits can be taxable if either of the following applies to you:
Determining the EFFECT OF EARNED INCOME on benefits:
In years PRIOR to full retirement age:
In the YEAR OF full retirement age:
In the TIME AFTER full retirement age:
Click here for the Full Retirement Age Calculator on the Social Security Administration website.
We always recommend that you speak with a qualified financial advisor before making any decisions related to your social security.