The IRS uses what's called "provisional income" to determine how much of your Social Security benefits are taxable. Your provisional income is calculated using the following formula: Provisional income = Adjusted gross income (AGI) + tax-exempt interest + 50% of your Social Security benefits

The GOP should triple the income level which seniors have to meet before their Social Security benefits are taxed.

In a significant move, the Social Security Fairness Act aims to rectify long-standing inequities in the Social Security system. By eliminating key provisions that reduced benefits, the Act ensures fair treatment for millions of Americans.

You may be required to pay taxes on a portion of your Social Security benefits. Here's what you can expect to pay.

Tax season usually brings a refund check for most workers, but if you're retired, you could wind up owing the IRS.

Importantly, retirees that owe tax on Social Security income must make quarterly estimated payments to the Internal Revenue Service (IRS). Alternatively, retirees can request that a portion of their benefits be withheld by submitting a Form W-4V to their local Social Security office by mail or fax.

If your combined income is under $25,000 (single) or $32,000 (joint filing), there is no tax on your Social Security benefits.

Social Security currently has nine years until its funds are depleted. In 2035, its projected income would only cover about 83% of scheduled benefits.

Not many people start shouting with joy when they pay taxes, but they're necessary in a functioning society. There are taxes on purchases, property, income, and plenty of other financial transactions.

As the Social Security system in the United States edges closer to insolvency, various reform proposals have emerged to address its funding crisis. However, a recent survey by the National Academy of Social Insurance (NASI) reveals that some of these proposals are met with strong public opposition.