Han wrote in news:Xns9F7E9CE52642Aikkezelf@
216.151.153.168:

" wrote in
:

On Fri, 14 Oct 2011 16:36:22 +0000 (UTC), Larry Blanchard
wrote:

On Thu, 13 Oct 2011 16:40:13 -0500, HeyBub wrote:

I apologize for my shorthand. Please allow me to rephrase and
perhaps you'll have a cogent comment on the new rendition: "The REAL
inequity is that 49% of the wage-earning population pays NO income
taxes at all!

Oh, I think I can come up with something :-). Like your figure is
still wrong - it was approximately true for one year only (2009) as I
stated.

OTOH, with the "greying" of the population, I would expect the number
who owe no federal income tax to go up. For example, since our SS
benefits are not taxable, our "taxable" income last year was well
below the 21K threshold that would require me to file a return. Guess
I'm just another freeloader.

BZZZT! Wrong answer! SS benefits most certainly *ARE* taxable.

As almost always, it depends. Check first with the IRS, like he
http://www.irs.gov/newsroom/article/...179091,00.html

IRS says he
http://www.irs.gov/newsroom/article/0,,id=179091,00.html

The Social Security benefits you received in 2010 may be taxable. You
should receive a Form SSA-1099 which will show the total amount of your
benefits. The information provided on this statement along with the
following seven facts from the IRS will help you determine whether or not
your benefits are taxable.

How much – if any – of your Social Security benefits are taxable depends
on your total income and marital status.

Generally, if Social Security benefits were your only income for 2010,
your benefits are not taxable and you probably do not need to file a
federal income tax return.

If you received income from other sources, your benefits will not be
taxed unless your modified adjusted gross income is more than the base
amount for your filing status.

Your taxable benefits and modified adjusted gross income are figured on a
worksheet in the Form 1040A or Form 1040 Instruction booklet.

You can do the following quick computation to determine whether some of
your benefits may be taxable:
• First, add one-half of the total Social Security benefits you received
to all your other income, including any tax exempt interest and other
exclusions from income.
• Then, compare this total to the base amount for your filing status. If
the total is more than your base amount, some of your benefits may be
taxable.

The 2010 base amounts a
• $32,000 for married couples filing jointly.
• $25,000 for single, head of household, qualifying widow/widower with a
dependent child, or married individuals filing separately who did not
live with their spouses at any time during the year.
• $0 for married persons filing separately who lived together during the
year.



--
Best regards
Han
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