Social Security took in more than $1.35 trillion in 2023. The bulk of that came from the income taxes workers paid, but seniors made their contribution too. They paid a combined $50.7 billion in Social Security benefit taxes, and all signs point to that figure being even higher in 2024.

If you're claiming benefits this year, you don't want to wait until tax time to find out if you owe the government a cut of your checks. Here's what you need to know about Social Security benefit taxes so you can prepare ahead of time.

Image source: Getty Images.

Continue reading

Source Fool.com