carkenord[at]juno.com writes:

- quote -

Half your SS plus your other income is more than $32000,
so some will be taxable. I believe if the excess over
the $32000 is less than $9000, half that excess is taxable.
The $27000 plus $8500 is $35500, an excess of $3500. So
I'd expect $1750 of your SS benefits to be taxable.

If you want to know for sure, get the instruction
booklet for this year's 1040 or 1040A form and find the
Social Security Worksheet and fill it out with your
estimated numbers.

--
Rich Carreiro rlcarr[at]animato.arlington.ma.us

For married couples the taxation of Social Security benefits begins
when the combination of half of your Social Security benefits plus your
other sources of income (including tax-free bond interest) exceeds
$32,000.

If half your Social Security benefits plus your other income is between
$32,000 and $44,000, you'll be taxed on $500 of Social Security
benefits for each $1,000 over the $32,000. If half your Social Security
benefits plus your other income is over $44,000, you'll have to pay
taxes on $850 of Social Security benefits for every $1,000 of
additional income - up to the limit of 85% of all benefits.

In your case, half of your SS will be $8,500. Add that to your other
income of $27,000 and you get $35,500. You will pay income tax on
$32,000 plus half of ($35,500 - $32,000), which is $33,750. I think!

Dave

My wife and I will soon retire and start drawing our Social Security
pensions.

The combined amount of our SS pension (for her and I) will be about
$17,000 annually.
We will have about $27,000 annual income from investments and work
pensions.
Total from the above will be about $44,000 annually.

Can anyone give me a rough estimate of what percentage of our SS income
will be subject to Federal taxes?

I know there are many variables, etc.......but I am just looking for a
ballpark figure.

Thank you.... Lee