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| Name | How Social Security is Taxed | Made Easy! |
| Video Uploader | Video From Holy Schmidt! |
| Upload Date | This Video Uploaded At 12-01-2023 14:00:07 |
| Video Discription | 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 https://www.ssa.gov/benefits/retirement/planner/taxes.html https://www.holyschmidt.com/socialsecuritytax 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 FREE Retirement Ready Checklist: https://HolySchmidt.com/Checklist/ Holy Schmidt Book Club: https://holyschmidt.com/book-club/ Important Links: Follow Me on Instagram: https://www.instagram.com/the_schmidtlist/ Geoff's Facebook Page https://Facebook.com/GeoffreyMSchmidt Federal Reserve Board Survey of Consumer Finances: https://www.federalreserve.gov/econres/scfindex.htm Social Security Administration Application for Benefits https://secure.ssa.gov/iClaim/rib Current Social Security Cost of Living Adjustment https://www.ssa.gov/cola/ Social Security Payment Estimator https://www.ssa.gov/benefits/retirement/estimator.html THE CHANNEL’S MOST POPULAR VIDEOS Should You Take Social Security at Age 62 and Invest it? https://youtu.be/8Do6edWYRH0 7 GOOD REASONS to File for Social Security Benefits at Age 62 https://youtu.be/eOJnzLuyvIY Average Retirement Savings by Age 60. Are You Almost Ready to Retire?!? https://youtu.be/8lPdFPaXa1k The BEST AGE to File for Social Security Retirement Benefits https://youtu.be/CoPkYQ0smj0 3 Social Security "Little Known Facts" That Are REALLY Important https://youtu.be/uIXjbRYeYjI 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. |
| Category | Education |
| Tags | taxes on social security benefits | taxes on social security | taxes on social security at full retirement age | taxes on social security income | taxes on social security 2023 | federal taxes on social security | social security tax 3 step process | how do I calculate taxes on social security | Is my social security payment taxed | how social security is taxed | social security tax thresholds | social security benefits taxable | social security tax explained |
