Calculating taxes on Social Security follows a 3 step process using simple inputs. Once you know the inputs, knowing how Social Security is taxed becomes very easy. This video walks the viewer through an simple way to calculate the inputs (combined income) and then runs them though the three steps using an easy to understand real life example. There is also a free worksheet available on my website HolySchmidt.com to help you with your own taxes.
Data discussed in the video
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00:00 Introduction
00:16 Taxes on Social Security
00:46 How Social Security is taxed
01:01 Combined Income explained
01:28 Combined Income formula
02:22 Social Security tax thresholds
03:40 Social Security tax three tests
04:42 Jim and Cathy
06:11 About the thresholds
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Disclaimer: this video is for educational and entertainment purposes only and is not meant to be a substitute for legal, accounting, tax, or professional advice. If you have any specific questions about any legal, accounting, tax or other professional service matter you should consult the appropriate professional services provider.
How Social Security is Taxed | Made Easy!
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