Understanding Social Security Benefit Taxes and How to Prepare for 2024
Friday, 24 May 2024, 21:00
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 This is due to outdated tax thresholds set in 1983, which haven't kept pace with rising average benefits.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.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.