... taken out automatically, but as yet, have not requested Federal taxes be taken out. When planning our budget, I need to know if the Federal taxes will be on the full amount of his monthly benefit, or the amount after Medicare premiums are deducted. Since he plans to continue working for at least this year, we know his SS benefits will definitely be taxed. The answer to this will help us decide at what percentage to request the Federal tax deduction. Thank you for any help you can give us
Answers (1)
A.A.R.P. offers free tax advise whether your a member or not, I know usually if you have other income as a general rule 80% of medicare is taxable. However, now that I am remembering my mother taxes I believe that medicare is a deduction. 80% sure, no pun intended. Check AARP, every year they offer several places around that does them free, at least in our town.