People who live in the United States and only get one pay cheque from Social Security do not usually have to worry about paying taxes.
However, each case is different, which is why we should never forget that Americans always have to pay taxes, or at least most of the time they do.
Since we just started getting checks a short time ago, we might still have some doubts about it.
In reality, though, if we only got Social Security checks, we probably would not have to pay taxes very often. There are times when we would have to pays taxes, though.
Do I have to pay taxes on my Social Security?
For starters, it is important to remember that every case is different. If the only money we get is a Social Security cheque, we might not have to pay taxes. But if we get any other money, things are very different.
Take Supplemental Security Income as an example. This benefit is not taxed, so nothing would change if you get it.
This means we should always remember that Social Security benefits are only taxed if the sum of half of your benefit plus the rest of your income is more than the base of your filing status.
To be clear, the base amount for the status of “filling” is based on the following groups:
- Single, head of household, or qualifying surviving spouse: $25,000.
- Married filing separately and lived apart from your spouse for the entire year:$25,000.
- Married filing jointly: $32,000.
- Married filing separately and lived with your spouse at any time during the tax year: $0.
We must remember to check all of this information twice so that we do not make a mistake when we send in our tax return after getting our Social Security check.
What will be the largest Social Security check in 2025?
If the COLA for next year, in 2025, goes up by about 2.5%, Social Security payments will reach levels that have never been seen before for retirees. So, the new checks will have new highs, but that does not mean that everyone will get a very big amount.
People who are at least 66 years old and apply for an age retirement check will be able to get $4,994 a month from Social Security.
But people who get disability benefits will not be able to get such a big cheque. But they will be able to get a bigger payment than they got this year (2024).
This means that disabled seniors could get up to $3,917 a month and above. We will get the COLA even if we do not get the maximum payment. This means that our payment for next year, 2025, will go up no matter how much we get this year.
This means we will have to change the table for which we pay yearly taxes. In any case, we still do not know the exact COLA 2025.
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