 |
Further
Reading ...
|
|
What Do You Want To Be When You Grow Up?
Q. "What do you want to be when you grow up?" A. "Something that hasn't been invented yet." Most of us were brought up to study hard, get good grades, choose a "practical" college major, and strive for a "good job." Talk to a...
Making Mom Feel Special
On Mother's Day we celebrate the women who nurture and raise our families, lead us to our first day of school, and share in each small achievement. She is superwoman of the household. However, on this special day, let mom throw her feet up and give...
Chin Surgery - Cosmetic Surgery Information
Chin Surgery - Cosmetic Surgery Information
The chin is one of the most noticed features of an individual's face because other elements of the face such as the nose, and jaw are lined up with it. Chin surgery (or mentoplasty) procedures are...
Learn The Meaning Of Rose Colors
Giving a bouquet of beautiful roses makes a clear statement: the receiver of the flowers is dear to the giver in some meaningful way. Different than giving just a bouquet of flowers, roses imply 'Hey, I really mean this!" The giver has made the...
|
|
|
Taxability Of Social Security Benefits
|
 |
Written By:
Richard Chapo
|
|
|
The IRS determines whether your Social Security benefits are taxable by looking at your total income and marital status. Form SSA-1099, which Social Security recipients should receive by January 31, shows your total benefits, but determining your taxable benefits requires putting pencil to paper.
Generally, if Social Security benefits are your only income, your benefits are not taxable and you probably do not need to file a federal income tax return. If you received Social Security benefits plus other income, the answer to how much, if any, is taxable can be found in the worksheet in the Form 1040 or 1040A instruction book.
For a quick computation, add one-half of your Social Security benefits to all your other income, including tax-exempt interest. If this amount is greater than the base amount for your filing status, a part of your benefits will be taxable.
The 2004 base amounts are:
$25,000 for single, head of household, or qualifying widow/widower with - continued below ...
|
|
|
continued ...
a dependent child
$25,000 for married individuals filing separately who did not live with their spouses at any time during the year
$32,000 for married couples filing jointly
$0 for married persons filing separately who lived together during the year
If your benefits are taxable, you can avoid estimated tax payments and minimize your tax bill next year by having federal income tax withheld from your benefits. Simply complete Form W-4V, Voluntary Withholding Request, and file it with the Social Security Administration.
About the Author: Richard Chapo is CEO of http://www.businesstaxrecovery.com - Obtaining tax refunds for small businesses for overpaid taxes. Discovery tax strategies and deductions in our tax articles section.
Source: www.isnare.com
|
|
|
|
 |
|
|
| _Additional Resources ... |
|
Home For The Holidays: Ask Yourself Some Questions
Annie easily slipped into becoming the sole caregiver of her parents. What started out as monthly grocery shopping for them, over the course of 2 years became a full time duty, an overwhelming burden and just about broke her emotionally and...
13 Steps to Preserve Your Family History
Although the phrase, "everybody has a story to tell" may sound like a cliche, it's true. And after working as a newspaper reporter for nine years, I know that everyone does, indeed, have a story to tell, including your family members. ...
Family Vacations and Expectations
It’s that time of year again: Time for the family vacation. It’s a good time to rethink some things like perfectionism, expectations, and the meaning of the word “vacation.” First of all, we call it a “vacation,” but if you’re the parent, it isn’t...
|
|
|
|
|
|
|
|
|
|
