The answer is YES. Maybe. For federal tax purposes, it depends on your other income in addition to your social security benefits. Total income includes wages, self-employment income, interest, dividends and any other taxable income.
For single filers, if your combined income is between $25,000 and $34,000, you may have to pay income tax on up to 50% of your benefits. More than $34,000, up to 85% of your benefits may be taxable.
For those filing a joint return, if your combined income is between $32,000 and $44,000 you may have to pay income tax on up to 50% of your benefits. More than $44,000, up to 85% of your benefits may be taxable.
If you do have to pay taxes on your Social Security benefits, you can choose to have federal taxes withheld from your benefits to reduce your tax liability at the end of the year.
