Page 7 - Jupiter Ocean Mile - May '22

Jupiter Ocean Mile, Page 7
Earth To Mars Band’s Tribute To
Bruno Mars At Abacoa Amphitheater
Report and Photos by Penny Sheltz the show for fun for all ages at this free community concert,
A group of young professional musicians came together to
form one of the best modern tribute bands of today playing
the funky sounds of Bruno Mars! When I Was Your Man, That’s What I Like, Just the Way You
They made their debut at Downtown Abacoa – this band Are, Runaway Baby, Count on Me, Love Train and more. appropriate age, it’s
rocked the amphitheater! Crowds gathered an hour before
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Financial Focus
Don’t Be Surprised By
Social Security Taxes
presented by Schumacher Auto and Legends Radio! Songs
included hip hop, funk and pop, like Talking to the Moon, By Sally Sima Stahl
When you reach the
easy to apply for Social
Security retirement
benefits – just go to Social
Security’s website, fill
out the online form
and you’re essentially
done. But many people
overlook the next step –
completing Form W-4V,
which asks you how much federal income tax you want
withheld from your benefits. And if you skip this step,
you could face an unpleasant surprise when it’s tax-filing
time, because Social Security benefits can indeed add
to your taxable income.
Here are the details:
• If you’re a single filer … If your “combined”
income is between $25,000 and $34,000, you may
have to pay income tax on up to 50 percent of your
Social Security benefits. (“Combined” income includes
your adjusted gross income, non-taxable interest, and
one-half of your annual Social Security benefits.) If
your combined income is more than $34,000, up to 85
percent of your benefits may be taxable.
• If you’re married and file jointly … If you and
your spouse have a combined income between $32,000
and $44,000, you may be taxed on up to 50 percent
of your benefits. If your combined income is more
than $44,000, up to 85 percent of your benefits may
be taxable.
These numbers might seem high, but they don’t
mean you’ll lose 50 percent, or 85 percent, of your
benefits – they are just the percentages of benefits you
may be taxed on, at your personal income tax rate.
To help avoid a big tax bill or an underpayment
penalty, you can file Form W-4V with the Social
Security Administration and request to have 7, 10,
12 or 22 percent of your monthly benefit withheld.
Your tax advisor can help you choose the withholding
percentage that’s appropriate for your situation.
The amount of taxes you may need to pay will also
depend on when you start taking Social Security. The
earlier you take benefits, the smaller your monthly
checks, and the smaller the taxes. But taxes should
not be a key issue in deciding when you need to begin
collecting your payments. Rather, you should consider
other factors, such as your anticipated life expectancy,
your employment situation, your spending needs and
the benefits for your spouse.
Here’s something else to keep in mind: Because
Social Security taxes are based on your overall
income, as described above, the amount of money you
withdraw during retirement, and where that money
comes from, can also affect your tax situation. For
example, withdrawals from a traditional IRA are
taxable and will increase your adjusted gross income,
but withdrawals from a Roth IRA will be tax-free,
provided you’ve had your account at least five years
and you’re over 59½, so this money won’t enter into
your taxable income calculations and it won’t increase
the tax you owe on your Social Security benefits.
Similarly, withdrawals from health savings accounts
(HSAs) used for qualified health expenses also won’t
count toward your taxable income.
By knowing exactly what to expect from Social
Security, including the tax effects, you can more
effectively incorporate your benefits into your overall
retirement income planning – and the better your plans,
the more you’ll be able to enjoy your life as a retiree.
This article was written by Edward Jones for use by
your local Edward Jones Financial Advisor, Edward
Jones, Member SIPC.
Edward Jones is a licensed insurance producer
in all states and Washington, D.C., through Edward
D. Jones & Co., L.P., and in California, New Mexico
and Massachusetts through Edward Jones Insurance
Agency of California, L.L.C.; Edward Jones Insurance
Agency of New Mexico, L.L.C.; and Edward Jones
Insurance Agency of Massachusetts, L.L.C.
Edward Jones, its employees and financial advisors
cannot provide tax advice. You should consult your
qualified tax advisor regarding your situation.
Contact us at (561) 748-7600, Sally Sima Stahl, AAMS,
1851 W. Indiantown Road, Ste. 106, Jupiter, FL 33458.