How do taxes work on retirement income for someone who is retired?

If my pension is $28,000 a year and Social Security is $25,000, and I'm filing married, do I just pay taxes on the pension and not on the Social Security?

Pensions, Social Security, Taxes, Income Tax
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5 days ago

The taxation of Social Security benefits depends upon a formula called Provisional Income.  

Basically, add up all your income - wages, investment income, including tax-free bond income, rental income, etc.  Add to that sum 1/2 of your annual social security benefit.  If that result falls between $32K and $44K, then 50% of the social security benefit will be taxable.  If that number exceeds $44K, then 85% of that benefit will be taxable.  NOT that the benefit will be taxed at 85% - just that 85% of the benefit goes on your 1040 along with all your other taxable income.  

From the numbers you gave, 50% of your $25K Social Security benefit, or $12,500, is taxable.  

5 days ago