Understanding Social Security Benefit Taxes and How to Prepare for 2024

Friday, 24 May 2024, 21:00
Seniors paid $50.7 billion in income taxes on Social Security in 2023, and the trend suggests a higher amount in 2024. Learn who pays, how it's calculated, and why more seniors are impacted. Discover strategies to prepare for potential taxes and avoid surprises.
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Understanding Social Security Benefit Taxes and How to Prepare for 2024

Why Seniors Pay Social Security Benefit Taxes?

Seniors paid $50.7 billion in income taxes on Social Security in 2023, with an increasing trend predicted for 2024. This is due to outdated tax thresholds set in 1983, which haven't kept pace with rising average benefits.

How-Tos for Seniors

To avoid surprises, seniors should understand the calculation methodology of Social Security benefit taxes. They must prepare by budgeting for potential taxes and consult tax professionals for guidance. Taking proactive steps like selecting a tax withholding option can help alleviate financial burdens.

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