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Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 12050
Experience:  Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
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At 82 years old and about to receive a past due commision

Customer Question

at 82 years old and about to receive a past due commision can i opt out of paying social security tax
Submitted: 1 year ago.
Category: Tax
Expert:  Lane replied 1 year ago.

Hi,

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So sorry to be the messenger here, but likely not,

Expert:  Lane replied 1 year ago.

There are certain groups/classes that might able to..

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There are a number of groups of workers who are exempted from having to pay Social Security taxes:

  • Federal employees hired before 1984 who elected to continue to participate in the federal retirement program instead of receiving part of their retirement under Social Security coverage.
  • State or local government workers (police officers, firefighters, and teachers) hired before March 31, 1986 and participating in their employers' alternative retirement system.
  • Ministers may choose whether or not they will participate in the Social Security program.
  • Self-employed workers with annual net earnings below $400.
  • Election workers earning $1,000 or less a year.
  • Household workers earning less than $1,500 per year.
  • Minor children with earnings from household work but for whom household work is not their principal occupation.
  • College students working under Federal Work Study programs, graduate students receiving stipends while working as teaching assistants,research assistants, or on fellowships, and most postdoctoral researchers.
  • Individuals who are members of certain religious groups such as theAmish and Mennonites.

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you can read more about that here: http://askville.amazon.com/opt-out-Social-Security-system/AnswerViewer.do?requestId=1338366

Expert:  Lane replied 1 year ago.

Now, if you're considered self-employed and the amount is lwss that $400, you would not owe an SS or medicare (called self employment taxes for those that re self employed)

Expert:  Lane replied 1 year ago.

Here's another good article on this from AARP

http://www.aarp.org/work/social-security/info-02-2013/payroll-social-security-taxes-after-age-66.html

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But again, you'll pay into social security, regardless of your age, unless the income comes from one of those state systems that opted out of social; security

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I hope you'll rate me positively, using the stars on your screen … (that's the only way we get credit for the work here) … based on thoroughness and accuracy, rather than any good news/bad news content ... Hopefully, having all the facts will help you "see around some corners."

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Let me know if you have questions,

Lane

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