I am on Social Security, how much extra income can I receive in 2006 and not have to pay taxes on?
In 2006, the maximum earnings taxable was 94,200. By the way, in 2007, the maximum earnings taxable is $97,500. That means workers must pay Social Security tax on the first $97,500 of earnings for the year; any wages above that amount are not subject to Social Security taxes. However, there is not a limit for Medicare tax. A taxpayer’s total annual wages are subject to Medicare tax.
This did not help me. Maybe I worded it wrong. I usually do not have to file taxes since I started receiving social security and a widow’s pension from the military and the ministry, all of these have been earned by my deceased husband. Last year I had some CDs that matured and I received about $1600. My ministry pension and a few dollars of the military pension are always taxable, but below the limit. At this point, I have approximately $6900 that may be taxable. I was 69 years old during 2006. Do I still need to file? Would I owe tax on that amount?
