“Historical Background And Development Of Social Security.” Accessed Feb. 20, 2020. Those might include raising the tax rate, increasing or doing away with the cap on how a lot of a person’s income can be taxed, further rising the age at which retirees turn out to be eligible for benefits, or lowering the greenback quantity of their advantages. Under current projections, the program should be able to pay full benefits until 2035, when the trust fund will be depleted.
You can apply at a local Social Security workplace, by phone ( ), or online at ssa.gov. In 2020, couples who file a joint tax return and have a mixed income between $32,000 and $forty four,000 will have to pay tax on as much as 50% of their benefits. If their combined revenue is more than $44,000, they’ll be taxed on as much as eighty five% of their benefits.
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