Are social security benefit payments taxed?

Question

1.03K viewsMarch 31, 2021Accounting

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Chancellor December 2, 2012 0 Comments

How can I find out if the social security benefits are taxable? I am getting social security benefits but I don’t know if I am supposed to pay any taxes for this income.

Andrew Answered question March 31, 2021

2 Answers

score 0 · Answer 1 · 2021-03-31T16:50:59+00:00

Of course it depends on the tax rules in your jurisdiction. For example here in the United Kingdom some forms of social payment (also called transfer payments) are included in assessable income, while others are not.

score 0 · Answer 2 · 2012-12-02T15:46:03+00:00

It depends on your gross income. The base amounts (tax free allowance) depends on your marital status. If your social security benefits plus your other income (from other sources) exceeds this base amount, then yes the social security benefits are taxable.