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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.
If you earn over a certain level of income, a portion of your Social Security OASDI benefits becomes taxable. As of publication, part of your Social Security benefits become taxable if you are married and your joint taxable income for the year exceeds $35,000, or $25,000 for singles and heads of households.f you collect little in the way of a salary from your S corporation and do not take a dividend from the company, the fact that you own a corporation will not affect your Social Security income.