Yahoo Finance is answering your most-searched finance questions of 2014 as searched on Yahoo. The ninth most-searched question was, "Is Social Security taxable?"
It all depends on your income and filing status. If you file taxes as an individual and your combined income — that’s your adjusted gross income plus one half of your annual Social Security benefit — is less than $25,000, you won’t pay federal income taxes on your benefits.
But once you get past that $25,000 mark, that’s when you start seeing taxes. People who earn between $25,000 and $34,000 could have up to half of their benefits taxed, and people who earn more than $34,000 could see up to 85% of their benefits taxed.
Things are slightly different if you’re married. Married couples with a combined income of less than $32,000 won’t see their benefits taxed at all. You can find lots of amazing information about your Social Security benefits by visiting SSA.gov.
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Watch Yahoo Finance this week for more of your most-asked finance questions on Yahoo:
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