Social Security

Ask Social Security Questions and Get Answers ASAP

Ask an Expert,
Get an Answer ASAP!

Social Security
This answer was rated:

I am 66 + years old ( born 7/15/1947). And I work full time.

My earning with a 2per...
I am 66 + years old ( born 7/15/1947). And I work full time. My earning with a 2per cent profit sharing paid quarterly is over $110,000 each year. I maximize my 401k of $ 22,500 and annuity of $6500 each year and I receive a pension from earlier divorce of $3058 which I pay taxes on, I have a Roth IRA which is taxed at time I am paid on balance of profit sharing. I file single with zero deductions, my question is since I can go ahead and get full benefits on my social security now and my plans are to retire at 68 years old, how will this affect my earnings to be taxed? I realize I will still have to pay taxes, but I think I will come out better by starting social security now instead of 68. Can you help me with this?
Show More
Show Less
Ask Your Own Social Security Question
Answered in 5 minutes by:
10/9/2013
Megan C
Megan C, Certified Public Accountant (CPA)
Category: Social Security
Satisfied Customers: 16,592
Experience: Licensed CPA, CMA, CFE, CGMA M.Accy Also Teach Accounting courses at Master's Level
Verified

Megan C :

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.

Megan C :

How are you doing today?

Megan C :

How your social security impacts your taxes is that 85% of your social security benefit will be taxable to you.

Customer: I am waiting on an answer to my question
Megan C :

Did you see my response?

Megan C :

The benefit will have no impact on your other income to be taxed, but 85% of your benefit will be taxed.

Megan C :

Once you are no longer making $110,000 per year, then the amount of social security to be taxed would be lower.

Customer: No Megan, the last thing I see is how are you doing today?
Megan C :

Okay you did not see my response then. Did you see what I just wrote you before you replied?

Megan C :

You can CLICK HERE for a calculator that will help you determine how much of your social security benefit is taxable.

Customer: So you are saying 85 per cent of my social security will be taxed? Or I pay 85 per cent on everything I receive as social security
Megan C :

No, 85% of the benefit is taxed. So, if you had a benefit of $10,000 only $8,500 would be included in income

Megan C :

I used that figure for simplicity

Customer: my social security at this time shows $2149 per month, what part of that is taxed
Megan C :

Approx $1,827 would be taxed as income to you

Customer: Ok I think I understand, so I think it will pay off to receive over $24,000 year and pay the additional approx $2000 if I understand this correctly
Megan C :

Yes, it would be worth it to take your retirement now

Customer: Thank you so very much! You have satisfied my question!
Megan C :

YOu're welcome. If you would, please rate my response as "excellent" so that I may receive credit for assisting you today

Customer: One more question, does my salary tax amount change if I make another 20,000 that year
Megan C :

No, you will still safely be in the 28% tax bracket

Customer: In profit sharing?
Megan C :

Your profit sharing will not change, either

Customer: ok thank you
Megan C :

You're welcome

Megan C
Megan C, Certified Public Accountant (CPA)
Category: Social Security
Satisfied Customers: 16,592
Experience: Licensed CPA, CMA, CFE, CGMA M.Accy Also Teach Accounting courses at Master's Level
Verified
Megan C and 87 other Social Security Specialists are ready to help you
Ask your own question now
Thanks, Gail for your positive rating. Please come back and visit me any time you have a question that needs answered. It was a pleasure working with you today.
Ask Your Own Social Security Question
Ask Megan C Your Own Question
Megan C
Megan C
Megan C, Certified Public Accountant (CPA)
Category: Social Security
Satisfied Customers: 16,592
16,592 Satisfied Customers
Experience: Licensed CPA, CMA, CFE, CGMA M.Accy Also Teach Accounting courses at Master's Level

Megan C is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

dylatess

dylatess

ATTORNEY

3,441 satisfied customers

37 plus years of SSD practice

Megan C

Megan C

Certified Public Accountant (CPA)

16,592 satisfied customers

Licensed CPA, CMA, CFE, CGMA M.Accy Also Teach Accounting courses at Master's Level

LawTalk

LawTalk

Attorney

3,065 satisfied customers

I have 30 years of legal and litigation experience, including representing clients before the U.S. Social Security Administration.

R. Klein, EA

R. Klein, EA

Accountant

334 satisfied customers

Tax & Social Security Benefits specialist

Dimitry K., Esq.

Dimitry K., Esq.

Attorney

233 satisfied customers

Licensed in multiple jurisdictions, experienced business attorney.

AttorneyTom

AttorneyTom

Attorney

16 satisfied customers

Attorney

Stephanie O Joy, Esq

Stephanie O Joy, Esq

Soc. Sec. Attorney

3,234 satisfied customers

22+ years legal exp. - 12+ years owning/operating her own SSD Law practice.

< Previous | Next >

Related Social Security Questions
I am turning 70 on may 8th I need to file for social
I am turning 70 on may 8th I need to file for social security … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
Why was not inform about paying into Medicaid and Medicare
Why was not inform about paying into Medicaid and Medicare out of my social security benefits? … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
I received $19,647.00 from a money market account in 2017.
I received $19,647.00 from a money market account in 2017. Will I be penalized on my Social Security by this? … read more
TaxRobin
TaxRobin
Vocational, Technical or Trade School
1 satisfied customers
I just need to change my checking account number. I'm
I just need to change my checking account number. I'm disabled and type slow. … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
I am currently going through a lengthy and very contentious
I am currently going through a lengthy and very contentious divorce. I am unemployed and any work I can get will be minimum wage. I will turn 62 this week, and need to apply early for social security … read more
emc011075
emc011075
Senior Tax Specialist
Bachelor's Degree
16 satisfied customers
I need someone to look at my retirement income and tell me
I need someone to look at my retirement income and tell me how everything works … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
What do if my social security number gets out? Um some one
Um some one may be several people are using my identity how to report stolen identity and recover new social security number? … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
My bank account has been hacked so I have to get a new
my bank account has been hacked so I have to get a new checking account for my direct deposit social security check. n How do I do this? … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
I have been retired for several years and did not realize
Hi. I have been retired for several years and did not realize that I needed to file a social security form each year during taxes. I was getting about $1300 a month and now am getting around $1400 a m… read more
TaxRobin
TaxRobin
Vocational, Technical or Trade School
1 satisfied customers
I will be turning 67 years old on January 21 2018 and am
I will be turning 67 years old on January 21 2018 and am still working. I would like to register to start receiving my benefits while I am working. Are the dollars I receive Tax Free and will it effec… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
What are the benefits for the wife of a deceased husband.
what are the benefits for the wife of a deceased husband … read more
emc011075
emc011075
Senior Tax Specialist
Bachelor's Degree
16 satisfied customers
The middle name on my husbands Social security card is not
The middle name on my husbands Social security card is not complete. Since middle names are ***** ***** this matter? … read more
Carter McBride
Carter McBride
LLM
239 satisfied customers
Can my husband and I get out tax withholding statements on
Can my husband and I get out tax withholding statements on line for Social Security … read more
TaxRobin
TaxRobin
Vocational, Technical or Trade School
1 satisfied customers
I need the last 4 digits of my late gf's ssn. New mexico.
that's the thing i just got to the states i have been in dubai for work i am a janitor in a hotel … read more
Barbara
Barbara
Enrolled Agent, Paralegal
3,785 satisfied customers
My husband worked in Azerbaijan. Foreign income taxes were
My husband worked in Azerbaijan. Foreign income taxes were withheld but no soc sec. This is a European branch of an American company. Do I have to pay my own soc security now for that entire 2017 yr..… read more
TaxRobin
TaxRobin
Vocational, Technical or Trade School
1 satisfied customers
I need to get a copy of my monthly check that is direct
I need to get a copy of my monthly check that is direct deposit … read more
James Daloisio
James Daloisio
Attorney
Doctoral Degree
80 satisfied customers
I did not receive an increase on my check. My check was
I did not receive an increase on my check JA: The Retirement Accountant will know how to help. Please tell me more, so we can help you best. Customer: my check was 776.00 and it stayed the same JA: Is… read more
Carter McBride
Carter McBride
LLM
239 satisfied customers
My checks are scheduled for the second Wednesday of each
My checks are scheduled for the second Wednesday of each month.....next month I won't get it until the 14th...also for March...June and a few more months......most of my bills are due first of the mon… read more
emc011075
emc011075
Senior Tax Specialist
Bachelor's Degree
16 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x