How much tax to be taken out
I currently have 7% tax taken out of my monthly SSI payment. I get $3019 per month. Should I have more taken out and if so, what percentage? Thanks.
Terry Says
Well, that depends on your other income and any deductions you might have. Did you have to pay more in taxes last year, when you filed your return?
Do you have enough income to even be required to file a tax return?? If you are not required to file, then you don’t need to have any withholding!
Look at this chart:
Filing Status & Minimum Income Threshold (for 2024):
Single:
Under 65: $14,600 or more gross income.
65 or older: $16,550 or more gross income.
Married Filing Jointly:
Both spouses under 65: $29,200 or more gross income.
One spouse under 65, one 65 or older: $30,750 or more gross income.
Both spouses 65 or older: $32,300 or more gross income.
I would suggest you consult with a professional tax preparer to find out if you are even required to have any withholding. Again, it all depends on your personal situation.
