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LawTalk
LawTalk, Attorney
Category: Social Security
Satisfied Customers: 35374
Experience:  I have 30 years of legal and litigation experience, including representing clients before the U.S. Social Security Administration.
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I sold my business in May 2015. The buyer is paying me monthly

Customer Question

I sold my business in May 2015. The buyer is paying me monthly for buying my business. I am 77 and retired now. Am I required to pay into social security on the proceeds I received from the buyer June - December 2015?
Submitted: 8 months ago.
Category: Social Security
Expert:  LawTalk replied 8 months ago.
Good morning Marilyn,I'm Doug, and I'm sorry to hear of the confusion. My goal is to provide you with excellent service today. As you are selling a business, that income is not wages and you do not need to pay self-employment tax (social security tax) on the proceeds of the sale. Social security taxes are only owed on wage income that you earn through work, and not from the sale of a business/ business asset. You may reply back to me using the Reply link and I will be happy to continue to assist you until I am able to address your concerns, to your satisfaction.I hope that I have been able to fully answer your question. Please be so kind as to rate my service to you. That is the only way I am credited for assisting you.I wish you and yours the best in 2016,Doug
Expert:  LawTalk replied 8 months ago.
Hi Marilyn,Do you have any additional questions that you would like me to address for you?In case you would like a phone call to further discuss these issues you have raised, I will make that offer to you. You are certainly not obligated to accept a call offer, but many people do find it helpful for clarification purposes, as well as to allow them to ask additional questions.If I have provided you with the information you asked for, would you please now rate my service to you so I can be compensated for assisting you?Thanks in advance,Doug