I realize you have a question about social security. My goal is to help you better understand your options.
How are you today?
Your social security benefit is reduced $1 for every $2 you earn above $15,120.
Therefore, with your earnings level, you will have to pay back up to $7,530
So, you would have to pay back up to $7,530
When will I have to pay this money back?
After social security gets records from the IRS about your earnings at the end of the year
I started a bookkeeping practice and will be earning fees which will I have to give that money back
When you file your tax return, that information is reported to the IRs
then, the IRS reports your self employment earnings to Social Security
So I should reserve monies to pay back above the 7530 you indicated?
Yes, I would reserve earnings to pay back the $7,530
In addition to the 7530 a reserve for self employment income as well?
Part of my current earning of 60,000 is housing allowance....for social security purposes is that considered income to be given back
Yes, it's considered salary and so that is considered
Thank you so much you have been a great help.
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