Tax Tips: How Much Social Security are you Liable For?
Here’s a tax tip for folks collecting Social Security.
FOX’s Carole Zimmer with a FOX News Radio Tax Tip:
Social Security and your taxes.
I’m Carole Zimmer with your FOX News Radio Tax Tip.
The amount of Social Security tax you’re liable for will depend on your income, but if you’re a high earner, you should know that this year, only your first $127,200 in wages will be subject to Social Security taxes.
And Barbara Tabi of Eisner Amper, points out there are changes in the retirement age:
(Tabi) “For people that are born in 1955 and forward, in 2017, the full retirement age is now 66 plus two months.”
Before you reach that age, there’s a limit on how much you can make before forfeiting a portion of your benefits.
For more Tax Tips go to FOXNewsRadio.com.
I’m Carole Zimmer with the FOX Business Network.
