Ask Larry

Earnings Subject To Social Security Taxes

Is It Correct That My Social Security Earnings Record Shows My Net Earnings?

I will soon be requesting my retirement benefits to start on my 70th birthday this December (and not a day earlier - in the remarks section). In reviewing my taxed SS Earnings record there are a few years where the SS earnings are less than the gross earnings on my 1040 form. It looks like SS is reporting my self employment earnings net of expenses rather than the gross earnings. Is that correct? Should I make an appointment with a local SS office to review before filing for benefits?

Posted: 
Monday, August 9, 2021 - 10:34

Can A Big Corporation Get Away With Deducting My Taxes But Not Paying Into SS?

Hi Larry - Thanks. I worked 5 years for Houston Based Company overseas. Received W2 from Houston office and paid US Income Taxes. Neither my employer or my self - no body paid into Social Security.
I did not know about benefits. Now I work locally and realized I am not qualified for Social Security benefits because I have only paid into 4 years.
Can a big corporation get away with this, they deducted my taxes, gave me W2 but did not pay into my SS.
Please advise.

Posted: 
Thursday, July 15, 2021 - 10:00

Why Is My Ex-Husband Getting So Much More Than Me Even Though I Helped Out In Our Businesses?

Hi Larry, I was married for 23 years. Now divorced. My husband owned several businesses which I helped. Now I look at my social security statement and he is getting highest amount at every age level. Me? I am getting only small amounts at every age level. Thru this marriage I was a flt Attnd who flew my minimum so I could help out our business. We both have worked always since 18 yes old. Why is my amount so uch less?? We filed jointly for all those years?
Thx u
Heidi

Posted: 
Friday, May 28, 2021 - 14:24

Will The Years That My Church Paid Social Security Taxes On My Behalf Count For My Social Security Benefits?

hi Larry, this might be a tough one. I paid into SS years 1972-1979 and then exempt (minister's exemption) from 1980-2013 and then retired in 2014 and began working a secular job and paying in again in order to get my 40 quarters for medicare, and I have succeeded. However, on my SS account, my earnings record showed my church, unbeknownst to me paid SS taxes in 1994, 95, 99. So my question is 2 fold, a. Will these years of paying that the church made on my behalf count and b. Will I receive any SS based on these years and other years of covered working?

Posted: 
Thursday, May 6, 2021 - 16:53

Should I Pay Myself The Maximum Allowed?

Hi,
I am self-employed. My company is a S Corp. Right now I'm paying myself $90k a year but I take several bonuses during the year which are not included in my paycheck. Should I pay myself the max allowed so my benefits will be increased or will the bonuses which "pass thru" count towards my benefits? I am 59 and would like to retire at 65 even though my FRA is 67.

Posted: 
Sunday, April 25, 2021 - 12:28

Could We Elect To Pay Social Security Taxes On Our Minor Children's Earnings?

We are starting a small business and will be employing our minor children in the business. I understand that minor children working in their parents business are exempt from paying Social Security tax. My question is could we elect to have them pay Social Security tax? I can see some benefits to them establishing Social Security earnings and credits early on.

Hi,

Posted: 
Sunday, January 31, 2021 - 16:03

Is It Possible For Me To Work Online For A U.S. Company While Residing In Korea And Pay U.S. Social Security Taxes?

I moved to Korea when I had only paid into Social Security for about 30 quarters. I have lived here for 13 years and don't have any plans to return while I am of working age. I have filed taxes every year and take the foreign earned income exclusion. Is it possible for me to work a part time job online for a US company and pay social security (to get the remaining 10 quarters) while I have Korea as my tax home?

Hi,

Posted: 
Tuesday, December 8, 2020 - 09:25
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