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If you receive Social Security benefits are you aware that you can have taxation voluntarily withheld out of your check? By subscribing to Voluntary Tax withholding it could make next year’s tax liability much easier to swallow. This is how it functions.

Your Social Security benefits are certainly not exempt from Federal Taxes. If you are within a income tax bracket your location needed to pay each and every year, voluntary tax withholding might be best for your needs.

By requesting an application W4-V from Social Security you can specify a part of your benefit check to get withheld for Federal Taxation. At the end of the entire year you will get a Form 1099 from Social Security showing simply how much was withheld; you’ll be able to apply this amount towards your tax liability.

Once you get the form W4-V from Social Security, you will need to specify the percentage you want withheld. The choices available are 0 % (to stop withholding), seven percent, 10 %, fifteen percent, and 25 %. The proper execution has a return envelope and when Social Security receives your form it will take them thirty to sixty days to process your request.

You will receive correspondence from Social Security notifying if the withholding will become. Signing up for voluntary tax withholding may make your tax liability a smaller amount of burden each year.

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