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Megan C
Megan C, Certified Public Accountant (CPA)
Category: Social Security
Satisfied Customers: 16580
Experience:  Licensed CPA, CMA, CFE, CGMA M.Accy Also Teach Accounting courses at Master's Level
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If I earn over the $15,100.00 allowed by Soc.Sec. what amount

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If I earn over the $15,100.00 allowed by Soc.Sec. what amount to I have to pay back? Is it on the gross or no the net earnings? Or is it paid back from what they have paid me in soc. sec.?

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 today?

Megan C :

If you make over the allowed amount, you have to pay back $1 for every $2 above that amount.

Megan C :

This is calculated using gross, not net

Megan C :

So, if you made $20,000 through October, you will have to pay back $2,500

Customer:

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?

Megan C :

How much have you earned total at your job?

Customer:

By the end of the year I will have made $58,900 in watge

Customer:

I mean in wages.

Megan C :

How old are you?

Customer:

64

Megan C :

Okay just making sure you are subject to the reduction.

Megan C :

Now if you make that much money, and still draw social security you would have to repay $21,850

Customer:

I will be 65 in July of next year. My wife will be 63 this month.

Megan C :

Full retirement age is 66

Customer:

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?

Megan C :

Everyone has to pay the social security tax. Unfortunately, all that does is increase your benefit in the future

Megan C :

But, based on your earnings, you will have to pay pretty much everything you drew for the year back

Customer:

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?

Megan C :

let me do the math really quick

Megan C :

Yes, that's correct

Customer:

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?

Megan C :

Yes, that is correct and you can contact them and work out a payment plan

Customer:

Thank you. This has been very helpful. Not exactly what I wanted to learn, but helpful.

Megan C :

I'm truly sorry I didn't have better news for you

Megan C :

If you would, before leaving the chat would you rate my response as "excellent" so that I may receive credit for assisting you today

Customer:

Absolutely.

Megan C :

Thanks so much!

Megan C and other Social Security Specialists are ready to help you
Thanks for your positive rating. Please come back and visit me any time you need tax, finance, or social security assistance. It was a pleasure working with you today.