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fake reviews buyWoman planning home budget and using calculator Those who owe Social Security taxes can make quarterly estimated tax payments to the IRS or elect to have federal taxes withheld from their benefit by filling out IRS Form W-4V. "I encourage people to make their life easier and just have it withheld from their checks," says Scott Newhouse, a certified financial planner for Forthright Finances in Thousand Oaks, California. "Making quarterly payments is an extra thing to keep track of." You can choose to have 7%, 10%, 12% or 22% of your monthly Social Security benefit withheld for taxes. Woman planning home budget and using calculator Those who owe Social Security taxes can make quarterly estimated tax payments to the IRS or elect to have federal taxes withheld from their benefit by filling out IRS Form W-4V. 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