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I realize you have a question about social security. My goal is to provide you with excellent service, and help you better understand your options.
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If you make over the allowed amount, you have to pay back $1 for every $2 above that amount.
This is calculated using gross, not net
So, if you made $20,000 through October, you will have to pay back $2,500
As of the first of August I made $15,200.00. I did not shut off the SS income and by the end of this year will have collected in SS $9,575.00. Will I have to pay back half of what I have collected from the SS income?
How much have you earned total at your job?
By the end of the year I will have made $58,900 in watge
I mean in wages.
How old are you?
Okay just making sure you are subject to the reduction.
Now if you make that much money, and still draw social security you would have to repay $21,850
I will be 65 in July of next year. My wife will be 63 this month.
Full retirement age is 66
I will only have collected from SS $22,980.00 for the year. I did not start back to work until July of this year. What about the SS that is being taken out of each check I receive?
Everyone has to pay the social security tax. Unfortunately, all that does is increase your benefit in the future
But, based on your earnings, you will have to pay pretty much everything you drew for the year back
Thank you. I guess it really doesn't pay to continue to work. I only went back for the insurance. If I quit now my earnings will be $38,000. That means I will have to repay $11,400.00 is this correct?
let me do the math really quick
Yes, that's correct
If I stop working now my earnings will be $38k. Take the $15,200 from that and I would only have to repay $11,400. is this correct? Do they accept payments?
Yes, that is correct and you can contact them and work out a payment plan
Thank you. This has been very helpful. Not exactly what I wanted to learn, but helpful.
I'm truly sorry I didn't have better news for you
If you would, before leaving the chat would you rate my response as "excellent" so that I may receive credit for assisting you today
Thanks so much!