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Recent Self Employment Tax questions

On my previous question with emc01175 we discussed about me

On my previous question with emc01175 we discussed about me capping my ss 118,500 which I intented to do but come to find out my accountant did not do. So we were dicussing amending 204,2015 and he said it would cost about 5K annually. My accountant is amending both years and she came up with the addition SE tax due is right around $12000 each year. Not including interest. She said that he did not include both shares of the SE tax (i.e. employer and employee portion) Is that correct? Also emc0117 mentioned that they figure ss benifits on the best 35 earnings. How do the figure how much you will get every month once they look at the best 35 earnings? Thanks

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

19,780 satisfied customers
I'm a 71 year old male without social security or medicare

I'm a 71 year old male without social security or medicare because I lack two quarters to qualify. Is there a way I can pay for the two quarters without working?JA: These retirement benefits are supposed to help us but they can be so complicated! The Retirement Expert will help you get the most benefits propertly. Please tell me more, so we can help you best.Customer: What more can I tell you?JA: Is there anything else the retirement accountant should be aware of?Customer: I told you my issue and I need help or advise to solve it.

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TaxRobin

Vocational, Technical or Trade School

22,430 satisfied customers
I have a relative who was born in Mexico and came to the US

I have a relative who was born in Mexico and came to the US legally. She has been paying into social security continuously for over 40 years, however she is no longer a legal citizen. Will she qualify for social security and medicare benefits at retirement?JA: These retirement benefits are supposed to help us but they can be so complicated! The Retirement Expert will help you get the most benefits propertly. Is there anything else important you think the Retirement Accountant should know?Customer: Not at this time.

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emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

4,952 satisfied customers
My husband and I own 50-50 on a LLC business. He is going to

My husband and I own 50-50 on a LLC business. He is going to turn 64 in Jan. and would like to retire. Is it a problem to put the business 100% to me so he can draw S.S. ??JA: The Retirement Accountant will know how to help. Is there anything else important you think the Retirement Accountant should know?Customer: One other thing, we have never given ourselves pay checks if that matters.

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

19,780 satisfied customers
What is the maximum earned income allowed (per month/per

What is the maximum earned income allowed (per month/per year) under Social Security and/or Social Security Disability before facing penalty and payback requirements? What happens in the event that you are not compensated until the completion /end of a 15-month project (October 2016-Dec 2017)? When is it reported to SSA and when is it considered earned income?

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emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

4,952 satisfied customers
I recently lost my husband to a work place accident and I

I recently lost my husband to a work place accident and I need to set up benefits for my children and myself. I am not sure where to even start on this process. Can you please lead me in the right direction?>Thanks, *****

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

19,780 satisfied customers
How can I make Annual payments into social security

How can I make Annual payments into social security voluntarily if I'm an independent contractor.

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LawTalk

Attorney at Law

Juris Doctor

35,218 satisfied customers
Do you only pay into social security when you're employed?

Do you only pay into social security when you're employed? What happens if you're your own boss?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

19,780 satisfied customers
My father-in-law just died. He and my mother-in-law both

My father-in-law just died. He and my mother-in-law both received Social Security. Will she automatically receive his higher monthly amount (and her benefits go away), or does she have to send a request in?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

19,780 satisfied customers
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