How much taxes are paid on social security checks?

[FrugalSaver]

Monthly check will be about $2,400

There's a separate pension of about $1,700 / month and a teacher's pension of about $250 / month.

What additional info does someone need to help understand the annual tax liability so we can ball park how much money we'll be working with cash on the barrel when all is said and done?

[Erica]

what is your state? married?

[mxt0133]

According to tax caster you owe $313 in federal. 

Assumptions:

• Married filling joint
• Both over 66
• (1700+250)*12 = 23,400 in pension income
• 2,400*12 = 28,800 Social Security income
• No other income included such as investment income, IRA, intereest, ect.

Note that Medicare will be taken our of your Social Security so you won't be getting the full $2,400 amount, unless you don't apply for it.

Ref: https://turbotax.intuit.com/tax-tools/calculators/taxcaster/

[Another Reader]

I think this is a single person, a widow, FS is describing.  The federal tax on Social Security varies, depending on total taxable income.  State tax also varies.  Some states do not tax Social Security and some do not tax pension income.

Medicare Part B premiums will be deducted from Social Security, and the recipient will automatically be signed up IIRC.  There are a lot of pitfalls involved in not signing up for Medicare timely and in the current environment, continuous insurance coverage will be critical.

Best to run the numbers through one of the tax programs, including a state return.

[FrugalSaver]

I think this is a single person, a widow, FS is describing.  The federal tax on Social Security varies, depending on total taxable income.  State tax also varies.  Some states do not tax Social Security and some do not tax pension income.

Medicare Part B premiums will be deducted from Social Security, and the recipient will automatically be signed up IIRC.  There are a lot of pitfalls involved in not signing up for Medicare timely and in the current environment, continuous insurance coverage will be critical.

Best to run the numbers through one of the tax programs, including a state return.

Yes a single person

[MDM]

What additional info does someone need to help understand the annual tax liability so we can ball park how much money we'll be working with cash on the barrel when all is said and done?

Best to run the numbers through one of the tax programs, including a state return.

Seems best indeed.