Taxes on social security benefits

Most people are unaware that their social security benefits are taxable. Back in 1993, congress and the president imposed taxation on people's social security benefits. Up to 85% of one’s benefits could be subject to ordinary income taxes. The actually amount varies depending on filing status, your taxable income, and how much your benefit is. A powerful retirement planning software like ExecPlan Express will incorporate an actual federal income tax calculation that can calculate how much of your benefit may be taxable. This is helpful in many ways including how much you might want to liquidate from qualified plans or if it makes sense to work part time.