Does marriage or staying single make a difference in saving on SS & Income tax as we both collect SS Benefits?
Posted by Financial Advisor | Filed under Tax Savings
Would we both pay less SS tax and Income tax if we stay single or does marriage make a difference at all? tax-wise?
It's possible that getting married would make a difference, but not nearly enough info about your personal situation to say.
SS is a mandated tax and is not based on your marital status
if you work you are taxed 6.2% for SS, and 1.45% for Medicare
and what you receive as SS if you have applied and are already r'cng will not change due to your marital status, the amount is based on your personal earnings, or if you are eligible for a deceased husband's SS rather than your own