What is the tax rate for Social Security benefits?

In South Carolina, Social Security benefits are generally not taxed. This means that recipients of Social Security benefits in South Carolina are not required to pay taxes on them at the state level. However, Social Security benefits may be subject to federal income taxes. The amount of tax you must pay on your Social Security benefits depends on your total income for the year. If your total income is less than $25,000 for individuals or $32,000 for married couples filing jointly, you should not have to pay taxes on your Social Security benefits. If your total income exceeds these thresholds, then you may be required to pay federal income taxes on up to 85% of your Social Security benefits. The amount of tax you must pay depends on your total income and the applicable tax rate for your filing status. Generally, the rates are between 10% and 37%, depending on your income. It is important to note that Social Security benefits are exempt from South Carolina state taxes and only subject to federal taxes.

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What is the tax rate for Social Security benefits?

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