[robertbob55]

I will be 66 in June of this year and still working. My income is $65,000 per year. If I decide to receive my full benefit this June and still work, the social security check will be around $2,212 per mo. How much taxes will I have to pay on this. Or should I wait to claim my benefits when I actually decide to retire?

[joypulv]

If you are healthy and think you will live long, definitely wait to collect.
The amount taxed will change each year, probably. Different for single vs married too.
- Income Percentage of Social Security Taxable
Single, Head of Household, Qualifying Widower and Married Filing Separately
Below $25,000 All SS income is tax-free
$25,000 - $34,000 Up to 50% of SS income may be taxable
$34,000 and up Up to 85% of SS may be taxable

Married Filing Jointly
Below $32,000 All SS income is tax-free
$32,000 - $44,000 Up to 50% of SS income may be taxable
$44,000 and up Up to 85% of SS may be taxable

[The Junoo]

Basically it depends on the amount of your provisional income AKA MAGI;I assume that your filing status is single, then, The formula works like this. Add all of your income(tax exempt interest, excluded foreign income,(if you have)) to your AGI excluding your soc sec benefits and then add on half of the Soc Sec benefits. If that number comes to over $25K for a single person or $32K for a married couple, the Soc Sec benefits are going to be taxed. Only 50% of the benefit is taxed if you are barely over the $25/32K limit, but are 85% taxed if you are way over. For example, assume that as single person, your MAGI is $60K, then your taxable soc sec benefits are equal to theLESSER of 85% of your benefits,$22,562; 26,544 *85% OR 85% of the excess of MAGI income over $34K, so, $22,100;$26K*85% plus the lesser of $4.5K or 2) 50% of soc sec benefits of $13, 272;50%*;So $22,100+$4500=$26,600; as $22,562<$26,600,You need topay tax on $22,562 of the benefits.