Many seniors are surprised to find out that their Social Security benefits are taxable, and the bill can be significant.  The amount that is taxable for an individual earning $25K to $34K is 50%, while if you make more than $34K then 85% of your benefits are probably taxable.  What to do when you don’t want a surprise come April 15 is to fill out Form W-4V with The Social Security Administration requesting an amount to be withheld for taxes.  The choices are 7%, 10%, 12% and 22%.  These percentages apply to the full income, not the 50% or 85% that is taxable.    Most states, including California, do not tax Social Security income.


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