Hãy viết lại bài viết dài kèm hashtag về việc đánh giá sản phẩm và mua ngay tại Queen Mobile bằng tiếng VIệt: Will You Have to Pay Taxes This Year Due to the 2023 COLA Increase? Find Out Here

Mua ngay sản phẩm tại Việt Nam:
QUEEN MOBILE chuyên cung cấp điện thoại Iphone, máy tính bảng Ipad, đồng hồ Smartwatch và các phụ kiện APPLE và các giải pháp điện tử và nhà thông minh. Queen Mobile rất hân hạnh được phục vụ quý khách….
_____________________________________________________
Mua #Điện_thoại #iphone #ipad #macbook #samsung #xiaomi #poco #oppo #snapdragon giá tốt, hãy ghé [𝑸𝑼𝑬𝑬𝑵 𝑴𝑶𝑩𝑰𝑳𝑬] ✿ 149 Hòa Bình, phường Hiệp Tân, quận Tân Phú, TP HCM
✿ 402B, Hai Bà Trưng, P Tân Định, Q 1, HCM
✿ 287 đường 3/2 P 10, Q 10, HCM
Hotline (miễn phí) 19003190
Thu cũ đổi mới
Rẻ hơn hoàn tiền
Góp 0%

Thời gian làm việc: 9h – 21h.

KẾT LUẬN

Hãy viết đoạn tóm tắt về nội dung bằng tiếng việt kích thích người mua: Will You Have to Pay Taxes This Year Due to the 2023 COLA Increase? Find Out Here

In 2023, Social Security beneficiaries received a record-high 8.7% cost of living adjustment increase on their monthly checks. The inflation adjustment could make filing taxes a bit more difficult this year. This is because bigger monthly checks could mean higher taxes for you.

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 the payment schedule and how to file your tax return for free.

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

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.

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.

!function(f,b,e,v,n,t,s)
{if(f.fbq)return;n=f.fbq=function(){n.callMethod?
n.callMethod.apply(n,arguments):n.queue.push(arguments)};
if(!f._fbq)f._fbq=n;n.push=n;n.loaded=!0;n.version=’2.0′;
n.queue=();t=b.createElement(e);t.async=!0;
t.src=v;s=b.getElementsByTagName(e)(0);
s.parentNode.insertBefore(t,s)}(window, document,’script’,
‘https://connect.facebook.net/en_US/fbevents.js’);
fbq(‘set’, ‘autoConfig’, false, ‘789754228632403’);
fbq(‘init’, ‘789754228632403’);