Earnings Subject To Social Security Taxes

Will My 1099 Income Be Used Just Like W-2 Earnings In Calculating My Benefit Rate?

Larry: I started receiving 1099 earnings as an independent contractor at the age of 60 in 2010. Are the years beginning in 2010 of receiving 1099 income considered earnings just like W-2 earnings in calculating the 35 highest years of earnings for determining social security benefits? In other words, I elected to begin taking taking social security when I reached full retirement age (age 66). I have continued to earn and report income as an independent contractor on my tax returns beginning in tax year 2010.

Can My Husband Pay Social Secuirty Taxes For The Last 5 Years Retroactively?

My husband was self employed for 5 years and filed taxes for those 5 years, but did not pay his social security taxes. Is there a way to pay them retroactively?

Hi,

Well, first off your husband would need to have had a net profit of at least $400 in one or more of those years to owe self-employment (i.e. Social Security) taxes. If he didn't, he couldn't pay self-employment taxes on a voluntary basis in order to earn Social Security credits.

Should We Pay Into Social Security To Increase Our Benefits If We're Working In Japan?

Dear Larry - my husband and I have been living and working in Japan for a number of years. We qualify for SS benefits based on our earlier employment in the US. My question is - we are now looking towards retirement but still in Japan and working and our salaries here are much higher here - does it make sense to pay into SS in these last few years of work to increase our SS benefits - the software you have seems to indicate this is the case but wanted to be certain.

Would The Proceeds Of A Settlement From My Former Employer Be Considered As Social Security Wages?

I am 68 and not collecting ss now, but I do work. Waiting until 70 to collect. I may have a settlement coming to me from my former employer. I know that the settlement is taxable. But are the proceeds considered social security wages?

Hi,

Can I Now Pay The Money That I Haven't Paid Over The Past 22 Years Without Penalty?

I was an employee for 20 years and paid SS and medicare/medicaid. I am 59 and do not plan on retiring any time soon. My current projected SSA monthly benefit is $1800 at 67 and $2300 at 70. For the past 22 years I have been self-employed and not paid SS taxes or medicare. Questions: 1) Can I now pay the money I have NOT paid over the past 22 years without penalty? If I do pay for back years, will that increase my monthly benefit or will it remain where it is? Would it be better to add the money to my retirement account rather than the SSA?

Hi,

Can I Discontinue Paying Into Social Security?

I am 66 began collecting under my SS at age 62 My husband died in 2017 I began collecting under him as his widow & then was informed I could collect under my first husband and that's what I am doing presently. My question is since I'm still working and collecting SS can I discontinue paying into it. I am currently receiving $1800, under my first husband, which is more than under me which was $1500. Thank you

Hi,

I'm sorry for your loss.

Are You Familiar With My Situation?

I am an employee of Nassau County and currently collect a NYS pension from my prior employment with the New York Police Department. I receive what is called a 211 Waiver which allows me to collect my pension while working for another NYS government municipality. I am precluded from joining the New York State and Local Retirement System due to my employment under the Section 211 of NYS Retirement and Social Security Law, and therefore not eligible to receive another pension from NYS.

How Can We Determine Whether Or Not We Should File Amended Tax Returns?

Hi. My wife has a peculiar problem. She is an ordained clergy, and is able to claim housing expenses as non-taxable. We have done this for many years never knowing this might affect her SSA payments. We only tumbled to this issue when her pension fund estimated her SSA benefit $500 a month higher than SSA does. We contacted our accountant, and he said we could refile for 2015 and 16, However, we'd have to pay the tax, which is not insubstantial. We are looking for a calculator that will help us decide if it is worth going back and refiling. Suggestions?
Thanks, Dennis