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SS: choosing a withholding percentage

Posted by phrog (My Page) on
Tue, Feb 11, 14 at 13:44

I'm going to start receiving SS retirement checks next month, and I have to choose a percentage to have withheld. The choices are 7, 10, 15, and 25. But I haven't found any advice on which to choose, only on how to calculate the taxable amount.

Is there a simple way to pick one of the four. Just guessing it's one of the two in the middle.


Follow-Up Postings:

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RE: SS: choosing a withholding percentage

There's not a simple answer to the question, it depends on what other income you have and your filing status.

Google IRS Publication 915. The first pages explain how to estimate the taxability. If that's too complicated for you, ask your tax return preparer for help


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RE: SS: choosing a withholding percentage

I don't remember having to do that when I went on SS. I did have to when I started receiving my husband's pension after he passed away.


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RE: SS: choosing a withholding percentage

If you have to pay income taxes on your income, regardless of source, either you have money withheld or you pay quarterly estimated tax payments.

This post was edited by sushipup on Sun, Feb 16, 14 at 10:17


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RE: SS: choosing a withholding percentage

phrog-
What is your regular tax bracket now? That is the least percentage amount you want withheld from your SocSec. There are no simple answers, especially since you provide no information on your other income, if any.


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