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Adjusted Gross Income includes your taxable wages, pensions, interest, dividends, other taxable income and tax-exempt income. If you have provisional income of less than $25,000 ($32,000 if you are married and filing a joint return, none of your Social Security benefits will be taxable. If your provisional income is between $25,000 and $34,000 ($32,000 and $44,000 if married and filing a joint return) up to 50% of your benefits may be taxable. If your provisional income is more than $34,000 ($44,000 if married and filing jointly) up t 85% of your Social Security benefits may be taxable.
Social Security awards âcreditsâ for earned taxable income. The maximum number of credits that can be earned in a year is four (4). In 2012, for every $1,130 you earn and pay taxes on, you receive one (1) credit; when you earn $4,520 in 2012, you will have earned the maximum number of credits allowed in that year. Just remember - You must report your income and pay taxes to get the credits! These credits gradually expire.