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Earnings Subject To Social Security Taxes

Will My 1099 Income Be Used Just Like W-2 Earnings?

Will my 1099 income for 2021 be used just like W_2 Earning for social security.

Hi. No. Social Security taxes are not withheld from income reported on a 1099 form. Income reported on a 1099 form is only considered as earnings for purposes of Social Security benefit calculations and the Social Security earnings test if the income represents self-employment earnings. If it does, then the countable amount of the self-employment income is the net earnings from self-employment (NESE) that's reported on Schedule SE of the person's tax return.

Posted: 
Saturday, January 8, 2022 - 12:15

Is There Any Way To Get My Former Employer To Pay FICA Taxes On My Vacation And Severance Pay?

I currently use you Maximize software and it has helped me make my original decision to file at FRA and also 20 months later to suspend until age 70, since I am now receiving a pension from TRS and the WEP will reduce what I would receive from SSA.
In Aug 2021 I was part of the RIF at Dallas College (DC) in Texas.
DC does not participate into Social Security and pays into the TRS of Texas.
At separation I received Vacation pay and 6 months of severance pay which is being paid monthly until Feb 2022.

Posted: 
Friday, December 31, 2021 - 07:57

Shouldn't Income Earned From Stocks And Dividends Be Taxed?

I've been divorced for over 20 years and recently started getting half my exes SS benefits. My question is, besides your salary earnings, if you earn money on your stocks, dividends or other ways, isn't that considered earnings as well and therefore should be taxed or am I missing something? Problem is I've never been mathematically inclined and I also have a strong feeling that my ex kind of, lied or left out some info on his taxes and his returns.
It gets more complicated but I'm going to assume you get the idea.

Posted: 
Tuesday, December 28, 2021 - 07:43

Are The Social Security Taxes I've Paid Since I Started Collecting Benefits Returned To Me At Some Point?

I started collecting SS at age 62. I'm still working part time and making under $19000 a year. I'm currently 65 years old and need to know if the Social Security taxes that's being deducted from my paycheck will be forfeited or will I get those deductions back at a certain age?

Posted: 
Monday, December 13, 2021 - 17:47

How Do I Report My Income If My Employer Doesn't Take Out Taxes?

How do i report my income on a part time job. IF MY EMPLOYER does not take out taxes and i do a 1099 as a subcontrctor. Making a 1000 a month

Hi. You would report that income on your tax return as self-employment. I'm not a tax expert, but you can find more information on the following IRS website: https://www.irs.gov/businesses/small-businesses-self-employed/self-emplo....

Posted: 
Tuesday, November 30, 2021 - 17:42

Should I Be Paying Into SS Even While I'm Working Abroad?

Dear Larry, I am a US citizen, 46, and have been living in Europe since 2013. I'm starting to worry about my SS situation and wondering if I should be paying into SS even while I am working abroad in Europe.. and if so, how do I do that? My jobs over there, obviously, are not contributing to it. Moreover, I went back to school in 2010 and am in a researcher position in Berlin still. Although I pay both US and German taxes, I don't know how I should be planning ahead so that I receive decent SS when I retire.

Posted: 
Wednesday, September 22, 2021 - 16:32

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
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