{"id":216657,"date":"2022-02-25T12:13:00","date_gmt":"2022-02-25T12:13:00","guid":{"rendered":"https:\/\/omni48.com\/news\/social-security-tax-adding-even-1-of-additional-income-can-result-in-a-serious-increase-in-tax"},"modified":"2022-02-25T12:13:00","modified_gmt":"2022-02-25T12:13:00","slug":"social-security-tax-adding-even-1-of-additional-income-can-result-in-a-serious-increase-in-tax","status":"publish","type":"post","link":"https:\/\/omni48.com\/news\/social-security-tax-adding-even-1-of-additional-income-can-result-in-a-serious-increase-in-tax","title":{"rendered":"Social Security tax: Adding even $1 of additional income can result in a serious increase in tax"},"content":{"rendered":"<p>Warner Bros\/Courtesy Everett CollectionIt&#8217;s fairly common knowledge that your Social Security benefits can be taxed on your income tax return. The problem is understanding how the tax is applied. It can be complicated, and can result in some significant tax increases if you&#8217;re not paying attention.The Social Security taxation cliff is called so because at certain income levels, adding even one dollar of additional income can result in a serious increase in tax. Social Security benefits can be included as taxable at a rate of 85%, 50%, or even zero, depending on your other income.Read more Social Security news and advice on MarketWatch RetirementBriefly, when you add all of your non-Social Security income (including nontaxed items such as U.S. savings bond interest and municipal bond interest, as well as your IRA deduction if you happen to contribute) to half of your Social Security benefit for the year, this results in a number that the IRS calls &#8220;provisional income&#8221; &#8211; we&#8217;ll<\/p>\n","protected":false},"excerpt":{"rendered":"<p>It&#8217;s fairly common knowledge that your Social Security benefits can be taxed on your income tax return. The problem is understanding how the tax is applied. It can be complicated,<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[27,30,31,360],"class_list":["post-216657","post","type-post","status-publish","format-standard","hentry","category-news","tag-economy","tag-income-tax","tag-personal-finance","tag-social-security"],"acf":[],"_links":{"self":[{"href":"https:\/\/omni48.com\/api\/wp\/v2\/posts\/216657","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/omni48.com\/api\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/omni48.com\/api\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/omni48.com\/api\/wp\/v2\/comments?post=216657"}],"version-history":[{"count":0,"href":"https:\/\/omni48.com\/api\/wp\/v2\/posts\/216657\/revisions"}],"wp:attachment":[{"href":"https:\/\/omni48.com\/api\/wp\/v2\/media?parent=216657"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/omni48.com\/api\/wp\/v2\/categories?post=216657"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/omni48.com\/api\/wp\/v2\/tags?post=216657"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}