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I am currently retired, i recieve a monthly salary for my…

I am currently retired...

I am currently retired, i recieve a monthly salary for my past employer, I also drive for uber, I collect SSN and monthly payment from my 401K. How do I calculate what and how much tax I will owe?

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Answered in 3 minutes by:
3/20/2018
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 33,125
Experience: Taxes, Immigration, Labor Relations
Verified

I will help you with estimation...

We need to know

-- your age

-- your filing status - single or married?

-- monthly or annual wages you are getting?

-- net income from Uber - after all deductions

-- total social security benefits you are getting

I will help with calculations.

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Customer reply replied 4 months ago
I am 63, file married, wages are $3,500.00 Uber about 300 per month, SSN is 1300.00

Are these monthly or annual wages?

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Customer reply replied 4 months ago
montly

So far your expected annual wages are

$3,500 * 12 = $42,000

However you are below your FRA - full retirement age.

Because your earned income will be more than $17,040 in 2018 - the SSA will request most of your social security benefits to be paid back.

Did you inform the SSA about your wages?

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Customer reply replied 4 months ago
No did not know I was suppose to.

If you are under full retirement age for the entire year, we deduct $1 from your benefit payments for every $2 you earn above the annual limit.

For 2018 that limit is $17,040.

So far - you will be required to pay back most of your social security benefits.

I suggest to suspend your application and apply later when your earned income will be much less.

Or when you will reach your FRA.

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Customer reply replied 4 months ago
how much should I hold out from the $3,500. per month for taxes?

I assume gross wages $42,000

net self-employment income from Uber

300 per month * 12 = 3600

That will result in total 2017 tax liability ~$5280 (including $508 in self-employment tax.

For 2018 - because of a new tax law - expected tax liability is ~$4300

in both situations - MINUS whatever will be withheld from your wages.

I did not include social security benefits - in assumption that you will pay that amount back.

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Customer reply replied 4 months ago
Thank you

I appreciate if you take a moment to rate the answer.

Experts are ONLY credited when answers are rated positively.

If you still have any doubts, need clarification - please be sure to ask.

I am here to help you with all Social Security / Tax related issues.

Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 33,125
Experience: Taxes, Immigration, Labor Relations
Verified
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