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Determining Taxable Amount. If your base income exceeds the limit for your filing group, you'll have to pay taxes on some of your Social Security benefits. If you're a single filer and your base income is between $25,000 and $34,000, you'll have to pay tax on up to 50 percent of your Social Security benefits.
Calculate your estimated social security tax by multiplying your income by the social security tax rate. For example, if the current tax rate is 12.4% and if you expected to make $100,000, your estimated social security taxes would be $12,400. Related Reading: How to Declare Taxes for Self Employment. Step 3. Divide the estimated social security tax payment by four.