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Contribution and benefit bases, 1937-2024 YearAmount2021142,8002022147,0002023160,2002024168,60015 more rows
You report the taxable portion of your social security benefits on line 6b of Form 1040 or Form 1040-SR. Your benefits may be taxable if the total of (1) one-half of your benefits, plus (2) all of your other income, including tax-exempt interest, is greater than the base amount for your filing status.
2023 Tax Brackets and Rates Tax RateFor Single FilersFor Married Individuals Filing Joint Returns10%$0 to $11,000$0 to $22,00012%$11,000 to $44,725$22,000 to $89,45022%$44,725 to $95,375$89,450 to $190,75024%$95,375 to $182,100$190,750 to $364,2004 more rows
Income Taxes and Your Social Security Benefit (En espaol) Between $25,000 and $34,000, you may have to pay income tax on up to 50% of your benefits. More than $34,000, up to 85% of your benefits may be taxable.
Employers and employees each pay 6.2 percent of wages up to the taxable maximum of $168,600 (in 2024), while the self-employed pay 12.4 percent.
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Social Security can potentially be subject to tax regardless of your age. While you may have heard at some point that Social Security is no longer taxable after 70 or some other age, this isnt the case. In reality, Social Security is taxed at any age if your income exceeds a certain level.
Additional Standard Deduction Youre allowed an additional deduction if youre age 65 or older at the end of the tax year. Youre considered to be 65 on the day before your 65th birthday (for tax year 2023, youre considered to be 65 if you were born before January 2, 1959).
What Is the Additional Standard Deduction for People Over 65? Filing StatusTaxpayer Is:Additional Standard Deduction 2023 (Per Person)Single or Head of HouseholdBlind$1,850Single or Head of Household65 or older$1,850Single or Head of HouseholdBlind AND 65 or older$3,7003 more rows Dec 4, 2023
The documents youll need for tax prep depend on your particular situation. As a rule of thumb, have handy your W-2s, 1099s, receipts, canceled checks, and other documents that support any income, deductions, or credits on your return.
For 2023, the additional standard deduction amounts for taxpayers who are 65 and older or blind are: $1,850 for Single or Head of Household (increase of $100) $1,500 for married taxpayers or Qualifying Surviving Spouse (increase of $100)

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