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If you receive Social Security benefits are you aware that you will get taxes voluntarily withheld out of your check? By registering for Voluntary Tax withholding it could possibly make next year’s tax liability better to swallow. Here is how it really works.

Your Social Security benefits are certainly not exempt from Federal Tax. When you’re inside a tax bracket what your location is forced to pay each and every year, voluntary tax withholding could possibly be best for your needs.

By requesting a form W4-V from Social Security it is possible to specify a percentage of the benefit check to get withheld for Federal Taxation. After the entire year you will get a Form 1099 from Social Security showing just how much was withheld; you’ll be able to apply this amount towards your tax liability.

When you get the form W4-V from Social Security, you will have to specify the share you desire withheld. The options available are 0 % (to prevent withholding), seven percent, 10 %, fifteen percent, and 25 percent. The form includes a return envelope as soon as Social Security receives your form it takes them thirty to sixty days to process your request.

You will receive instructions from Social Security notifying when the withholding will begin. Signing up for voluntary tax withholding may make your tax liability less of burden annually.

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