* . *
  • About
  • Advertise
  • Privacy & Policy
  • Contact
Saturday, September 6, 2025
Earth-News
  • Home
  • Business
  • Entertainment
    ITV Studios Launches New Entertainment Label – Global Bulletin – IMDb

    ITV Studios Unveils Exciting New Entertainment Label

    TS Entertainment bringing Malibu Jack’s to former Owensboro mall – Lane Report

    TS Entertainment Launches Malibu Jack’s at Former Owensboro Mall Location

    Jenny Han Dropped a Major ‘The Summer I Turned Pretty’ Easter Egg Revealing [SPOILER] – yahoo.com

    Jenny Han Just Unveiled a Huge ‘The Summer I Turned Pretty’ Easter Egg That Changes Everything [SPOILER]

    Liam Payne’s Cousin Ross Harris Honors Late Singer With Emotional Song ‘Bones’ – yahoo.com

    Liam Payne’s Cousin Ross Harris Honors Late Singer with Emotional New Song ‘Bones

    Country music star apologizes after drunken show ends with cops taking him down: ‘I’m not OK’ – PennLive.com

    Country Music Star Apologizes After Drunken Show Ends in Police Intervention: ‘I’m Not OK

    Comanche Nation Entertainment closes casino near Devol – KSWO 7News

    Comanche Nation Entertainment Closes Casino Near Devol in Surprising Move

  • General
  • Health
  • News

    Cracking the Code: Why China’s Economic Challenges Aren’t Shaking Markets, Unlike America’s” – Bloomberg

    Trump’s Narrow Window to Spread the Truth About Harris

    Trump’s Narrow Window to Spread the Truth About Harris

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Trending Tags

    • Trump Inauguration
    • United Stated
    • White House
    • Market Stories
    • Election Results
  • Science
  • Sports
  • Technology
    Coherent Joins LLNL’s STARFIRE Diode Technology Working Group to Advance Inertial Fusion Energy – GlobeNewswire

    Coherent Partners with LLNL’s STARFIRE Team to Drive Breakthroughs in Inertial Fusion Energy

    Gene Associated With Deadly Heart Disease in Golden Retrievers Identified – Technology Networks

    Breakthrough Discovery Uncovers Gene Behind Deadly Heart Disease in Golden Retrievers

    Monkey Island LNG Picks ConocoPhillips’ Liquefaction Technology – Hart Energy

    Monkey Island LNG Selects ConocoPhillips’ Advanced Liquefaction Technology for Next-Gen Energy Solutions

    Credo Technology Group Holding Ltd. (CRDO) Surpasses Q1 Earnings and Revenue Estimates – Yahoo Finance

    Credo Technology Group Surpasses Q1 Earnings and Revenue Expectations

    The Economist is hiring a science and technology correspondent – The Economist

    Exciting Opportunity: Become Our Next Science and Technology Correspondent!

    Blockchain lender Figure Technology seeks to raise up to $526M in IPO (FIGR:Pending) – Seeking Alpha

    Blockchain Lender Figure Technology Sets Sights on $526M in Thrilling IPO Launch

    Trending Tags

    • Nintendo Switch
    • CES 2017
    • Playstation 4 Pro
    • Mark Zuckerberg
No Result
View All Result
  • Home
  • Business
  • Entertainment
    ITV Studios Launches New Entertainment Label – Global Bulletin – IMDb

    ITV Studios Unveils Exciting New Entertainment Label

    TS Entertainment bringing Malibu Jack’s to former Owensboro mall – Lane Report

    TS Entertainment Launches Malibu Jack’s at Former Owensboro Mall Location

    Jenny Han Dropped a Major ‘The Summer I Turned Pretty’ Easter Egg Revealing [SPOILER] – yahoo.com

    Jenny Han Just Unveiled a Huge ‘The Summer I Turned Pretty’ Easter Egg That Changes Everything [SPOILER]

    Liam Payne’s Cousin Ross Harris Honors Late Singer With Emotional Song ‘Bones’ – yahoo.com

    Liam Payne’s Cousin Ross Harris Honors Late Singer with Emotional New Song ‘Bones

    Country music star apologizes after drunken show ends with cops taking him down: ‘I’m not OK’ – PennLive.com

    Country Music Star Apologizes After Drunken Show Ends in Police Intervention: ‘I’m Not OK

    Comanche Nation Entertainment closes casino near Devol – KSWO 7News

    Comanche Nation Entertainment Closes Casino Near Devol in Surprising Move

  • General
  • Health
  • News

    Cracking the Code: Why China’s Economic Challenges Aren’t Shaking Markets, Unlike America’s” – Bloomberg

    Trump’s Narrow Window to Spread the Truth About Harris

    Trump’s Narrow Window to Spread the Truth About Harris

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Trending Tags

    • Trump Inauguration
    • United Stated
    • White House
    • Market Stories
    • Election Results
  • Science
  • Sports
  • Technology
    Coherent Joins LLNL’s STARFIRE Diode Technology Working Group to Advance Inertial Fusion Energy – GlobeNewswire

    Coherent Partners with LLNL’s STARFIRE Team to Drive Breakthroughs in Inertial Fusion Energy

    Gene Associated With Deadly Heart Disease in Golden Retrievers Identified – Technology Networks

    Breakthrough Discovery Uncovers Gene Behind Deadly Heart Disease in Golden Retrievers

    Monkey Island LNG Picks ConocoPhillips’ Liquefaction Technology – Hart Energy

    Monkey Island LNG Selects ConocoPhillips’ Advanced Liquefaction Technology for Next-Gen Energy Solutions

    Credo Technology Group Holding Ltd. (CRDO) Surpasses Q1 Earnings and Revenue Estimates – Yahoo Finance

    Credo Technology Group Surpasses Q1 Earnings and Revenue Expectations

    The Economist is hiring a science and technology correspondent – The Economist

    Exciting Opportunity: Become Our Next Science and Technology Correspondent!

    Blockchain lender Figure Technology seeks to raise up to $526M in IPO (FIGR:Pending) – Seeking Alpha

    Blockchain Lender Figure Technology Sets Sights on $526M in Thrilling IPO Launch

    Trending Tags

    • Nintendo Switch
    • CES 2017
    • Playstation 4 Pro
    • Mark Zuckerberg
No Result
View All Result
Earth-News
No Result
View All Result
Home Technology

Social Security COLA Increase: Will You Have to Pay Taxes This Year?

February 14, 2024
in Technology
Social Security COLA Increase: Will You Have to Pay Taxes This Year?
Share on FacebookShare on Twitter

If you haven’t checked how much you might owe in taxes this year as a Social Security beneficiary, now’s the time to look. The 8.7% cost of living adjustment in 2023 that increased your monthly checks could make filing taxes a bit more difficult this year due to the higher taxes you might owe.

Keep in mind that if your only source of income comes from your Social Security benefits, you likely don’t need to file a tax return — but this statement can help you find out. If you receive other income, such as from a job, the COLA increase could have placed you in a higher tax bracket. We’ll explain.

Keep reading to find out if your taxes will be affected by the 2023 COLA increase. For more Social Security details, here’s why you don’t want to throw away that COLA letter you got last year. Here’s the Social Security payment schedule, and how to file your tax return for free. Also, check out CNET’s best tax software for 2024.

Read more: File Early and Get Up to 20% Off Your 2023 Taxes With TurboTax

Can Social Security beneficiaries be affected by the 2023 COLA increase?

Tax Tips logo

Yes, but not all recipients will notice a change in their taxes. As mentioned above, if you receive income only from Social Security benefits, you’re typically not required to file a tax return, which means you don’t pay taxes on your benefits.

If you receive income from other sources in addition to your benefits, you could potentially be taxed at a higher rate, depending on how much money you make. This is because while you received an 8.7% increase on your benefits, the tax threshold for tax filers hasn’t changed, Mark Jaeger, vice president of tax operations at TaxAct, told CNET. That increase could mean more individuals will see a higher amount of taxes. 

There’s an advantage. The IRS adjusted the tax brackets for inflation, Jaeger said, making the standard deduction about 7% higher year over year. This may help offset some of the taxes Social Security beneficiaries could have to pay. 

For the 2024 tax year, the standard tax deduction for single filers has been raised to $14,600, a $750 increase. For those married and filing jointly, the standard deduction has been raised to $29,200, a $1,500 increase.

How much will you be taxed?

To find out how much you could be taxed, start by taking a look at your combined income. This includes your adjusted gross income, nontaxable interest and half of your new Social Security benefit amount from 2023. Here’s how it breaks down. 

If you’re a single tax filer and your combined income is between $25,000 and $34,000, you may have to pay income tax on up to 50% of your benefits.If you’re a single tax filer and your combined income is more than $34,000, you may have to pay income tax on up to 85% of your benefits. If you’re filing a joint return and your combined income is between $32,000 and $44,000, you may have to pay income tax on up to 50% of your benefits.If you’re filing a joint return and your combined income is more than $44,000, you may have to pay income tax on up to 85% of your benefits. If you’re married filing separately and didn’t live with your spouse last year, your Social Security benefits are taxed as if you were a single filer.

What if I also receive other government benefits?

If you receive other government benefits such as Supplemental Security Income or are eligible for the earned income tax credit, the same rules apply to you if you also meet the criteria above, Jaeger said.

For instance, if you’re still working and your combined income is $32,000, you’d be taxed on up to 50% of your benefits. If you’re making $38,000, you’d be taxed on up to 85% of your benefits.

What are the tax brackets for the 2024 tax season?

Find out where you fall in the tax bracket below.

Single filers

Taxable incomeTax rate $11,600 or less 10%$11,601 – $47,150 $1,160 plus 12% of income over $11,600$47,151 – $100,525 $5,426 plus 22% of income over $47,150$100,526 – $191,950 $17,168.50 plus 24% of income over $100,525$191,951 – $243,725 $39,110.50 plus 32% of income over $191,950$243,726 – $609,350 $55,678.50 plus 35% of income over $243,725$609,351 or more $183,647.25 plus 37% of income over $609,350

Married, filing jointly

Taxable incomeTax rate $23,200 or less 10%$23,201 – $94,300 $2,320 plus 12% of income over $23,200$94,301 – $201,050 $10,852 plus 22% of income over $94,300$201,051 – $383,900 $34,227 plus 24% of income over $201,050$383,901 – $487,450 $78,221 plus 32% of income over $383,900$487,451 – $731,200 $111,357 plus 35% of income over $487,450$731,201 or more $196,669.50 plus 37% of income over $731,200

Head of household filers

Taxable incomeTax rate $16,550 or less 10%$16,551 – $63,100 $1,655 plus 12% of income over $16,550$63,101 – $100,500 $7,241 plus 22% of income over $63,100$100,501 – $191,950 $15,469 plus 24% of income over $100,500$191,951 – $243,700 $37,417 plus 32% of income over $191,150$243,701 – $609,350 $53,977 plus 35% of income over $243,700$609,351 or more $181,954.50 plus 37% of income over $609,350

For more, here’s how to tweak your W-4 Form to get a higher tax refund (and why you probably shouldn’t). Also, here’s when to expect your tax refund once you file your taxes and a tax filing cheat sheet.

>>> Read full article>>>
Copyright for syndicated content belongs to the linked Source : CNET – https://www.cnet.com/personal-finance/taxes/social-security-cola-increase-do-you-have-to-pay-taxes-on-the-additional-money-this-year/#ftag=CAD590a51e

Tags: securitysocialtechnology
Previous Post

She Made Minimum Credit Card Payments for 2 Years and Her Balance Never Dropped. Here’s What She Learned

Next Post

Hybrid dairy: How can innovators unlock a new category’s potential?

HHS responds to report about autism and acetaminophen : Shots – Health News – NPR

HHS Addresses New Findings on Autism and Acetaminophen Use

September 6, 2025
September 2, 2025: Trump administration news – CNN

September 2, 2025: Trump administration news – CNN

September 6, 2025
Blending art, culture and native plants at Wakamatsu – Mountain Democrat

Discover the Harmony of Art, Culture, and Native Plants at Wakamatsu

September 6, 2025
The Two-Body Problem for Women in Science – Nautilus | Science Connected

The Two-Body Problem for Women in Science – Nautilus | Science Connected

September 6, 2025
How AI and Automation are Speeding Up Science and Discovery – Berkeley Lab News Center (.gov)

How AI and Automation Are Accelerating Breakthroughs in Scientific Discovery

September 6, 2025

American Trust Investment Services Serves as Exclusive Placement Agent in $9 Million Follow-On Offering for Nova LifeStyle, Inc. – Morningstar

September 6, 2025
Coherent Joins LLNL’s STARFIRE Diode Technology Working Group to Advance Inertial Fusion Energy – GlobeNewswire

Coherent Partners with LLNL’s STARFIRE Team to Drive Breakthroughs in Inertial Fusion Energy

September 6, 2025
EA SPORTS™ and New York City FC Extend Partnership to Power the Future of Football Fandom in NYC – New York City FC

EA SPORTS™ and New York City FC Join Forces to Transform Football Fandom in NYC

September 6, 2025
News – Ancient DNA Pinpoints Culprit Responsible for World’s First Pandemic – Archaeology Magazine

Ancient DNA Reveals the True Cause of the World’s First Pandemic

September 5, 2025
Fears of US recession as economy adds just 22,000 jobs – The Times

Fears of US recession as economy adds just 22,000 jobs – The Times

September 5, 2025

Categories

Archives

September 2025
MTWTFSS
1234567
891011121314
15161718192021
22232425262728
2930 
« Aug    
Earth-News.info

The Earth News is an independent English-language daily published Website from all around the World News

Browse by Category

  • Business (20,132)
  • Ecology (809)
  • Economy (827)
  • Entertainment (21,704)
  • General (16,881)
  • Health (9,869)
  • Lifestyle (840)
  • News (22,149)
  • People (829)
  • Politics (835)
  • Science (16,038)
  • Sports (21,326)
  • Technology (15,808)
  • World (808)

Recent News

HHS responds to report about autism and acetaminophen : Shots – Health News – NPR

HHS Addresses New Findings on Autism and Acetaminophen Use

September 6, 2025
September 2, 2025: Trump administration news – CNN

September 2, 2025: Trump administration news – CNN

September 6, 2025
  • About
  • Advertise
  • Privacy & Policy
  • Contact

© 2023 earth-news.info

No Result
View All Result

© 2023 earth-news.info

No Result
View All Result

© 2023 earth-news.info

Go to mobile version