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Recent Self Employment Tax questions

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

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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

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16,742 satisfied customers
I waited until age 70 to collect Social Security benefits,

I waited until age 70 to collect Social Security benefits, thus getting an extra 32% over my FRA amount I would have received at age 66. My spouse turns 66 in 2 months and eligible for her own social security based on her employment record. My SS benefit is considerable higher than hers.I just found out I have a terminal health condition. I know she can opt to receive my social security after I pass but here is my question: Will she receive the amount I am receiving at age 70 or does she only receive the FRA amount I would have received at full retirement age of 66? It's about $900/month difference.

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

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16,742 satisfied customers
Nice name. and my question is two fold. One is when does SS

Good morning Pearl, nice name. My name is ***** ***** my question is two fold. One is when does SS need to know I'm starting a part job Monday. Part two when if at all they might reduce my benefits. Am collecting SSRetire and job pays 9.50 Hr. I will try and keep hours down to stay under the 15720 allowedJA: 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: Does the question! How complicated can get. Does SS start when they get my W4 or wait till next year to adjust my benefitsJA: OK. Got it. I'm sending you to a secure page on JustAnswer so you can place the $5 fully-refundable deposit now. While you're filling out that form, I'll tell the Retirement Accountant about your situation and then connect you two.

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

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16,742 satisfied customers
2 Questions: 1) If I am on SSDI, am I allowed to trade

2 Questions:1) If I am on SSDI, am I allowed to trade stocks to make extra money without losing the benefits?2) My wife is currently on SSDI and she also collects our daughter's SSDI (50%) of her total. However, I have higher amount if I get SSDI-- would it be possible for me to transfer my daughter's SSDI under her mother's to my benefit which we will get higher amount (50% of my benefits)?

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lev-tax

Retired

Bachelor's Degree Equivalent

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24,192 satisfied customers
My wife is part owner in an Iowa farm. We have not received

My wife is part owner in an Iowa farm. We have not received any real income from this farm in many years. Her brother farms the land. On paper, her share of the income is several thousand dollars a year, but he retains all of it for startup costs the following year.We are paying Federal income tax, and state income taxes to two states on this "income".We are also paying Social Security and Medicare Self Employment Tax on it.My question is two fold. First, and most important, do the deductions her brother takes for things like depreciation on farm equipment count against my wife's Social Security earnings, and how likely is it that she will end up with smaller SS benefits as a result? Her share of the expenses is near $25,000 a year.She is employed full time in Minnesota and never works on the farm, but she is a partner. Is there anything we can do to eliminate this tax, short of selling the farm?

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TaxRobin

Vocational, Technical or Trade School

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20,596 satisfied customers
How does social security and Medicare work if you own your

How does social security and Medicare work if you own your own business or are a freelance contractor?

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PDtax

Owner

Master's Degree

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6,768 satisfied customers
Can a clergy person opt in to Medicare even though he was exempt

Can a clergy person opt in to Medicare even though he was exempt from medicare and social security tax during his career,

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TaxRobin

Vocational, Technical or Trade School

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20,596 satisfied customers
My father passed away on May 2 2016-his check was sent on May

My father passed away on May 2 2016-his check was sent on May 3rd. The check has been removed from my parents checking account. I need to know how to set my Mom up to receive his benefits since he pulled in more than her. My Mom is 81 and unable to complete this task. Can you please help me in what I need to do. Thank you.

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

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16,742 satisfied customers
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