2006-09-27 03:58:51 · 8 answers · asked by Agnes K 1 in Business & Finance ➔ Taxes ➔ United States
You can make as much as you wish. If your income other than SS benefits exceeds a base amount of $32,000 if filing as married filling jointly or $25,000 most other ways ($0 for MFS and living together) the SS benefit will be subject to income tax. From 50% to 85% of your benefit will be taxed at the same rate as your ordinary income. The calculation as to what percent applies is a little complex for this forum and is normally done very well by the computer program on which your tax return is prepared.
2006-09-27 05:15:53 · answer #1 · answered by ? 6 · 1⤊ 1⤋
Sir or Madam:
I believe that this maximum amount is calculated on a sliding scale depending upon a number of factors specific only to your particular situation. You need to contact the nearest Social Security Office and ask them directly about your specific case. Some income such as military pensions, and investment income may be excluded.
In any event, once you reach the target amount of income that you are permitted to earn while on SS Payment rolls, you will then have 50 cents deducted from your next SS payment for every dollar you earn above that maximum amount. The SS Administration uses your W-2's, your Quarterly Tax Return (if you file them), and your Yearly Tax Return to determine when you have reached or exceeded the maximum allowable income figure. So it pays to keep a close watch on things so you don't owe a hefty figure to them. If you do not repay them, they will deduct the funds you owe them from your future SS checks. Isn't that dandy.
Just when you thought that you had something you could depend on in time of need, there is some new guy with his hand in your pocket again...
You might also want to consult a qualified accountant or CPA to obtain suggestions for legal avoidance of those penalties.
2006-09-27 11:20:12 · answer #2 · answered by zahbudar 6 · 0⤊ 1⤋
If you were born January 2, 1941, through January 1, 1942, your full retirement age for retirement insurance benefits is 65 years and 8 months. If you work and are full retirement age or older, you may keep all of your benefits, no matter how much you earn. If you are younger than full retirement age, there is a limit to how much you can earn and still receive full Social Security benefits. If you are younger than full retirement age during all of 2006, SSA will deduct $1 from your benefits for each $2 you earned above $12,480.
2006-09-29 20:49:10 · answer #3 · answered by althegrrl 3 · 0⤊ 0⤋
After age 65 you can earn any amount and still collect. BUT I recall there being a sliding scale as to how much of your SS is taxable if you earn other income.
2006-09-27 13:20:54 · answer #4 · answered by nova_queen_28 7 · 0⤊ 1⤋
If you are single and over age of 65, you can earn up to $9450 without filing for federal tax.
For other filing status, look at the table in Chapter 1 of IRS Publication 17, http://www.irs.gov/publications/p17/ch01.html#d0e1373. for the filing requirement that matches your situation.
However, if you don't mind filing tax returns or paying taxes, then you can make as much income as you like.
Regards.
2006-09-27 19:29:13 · answer #5 · answered by JQT 6 · 0⤊ 1⤋
I thought they took that cap away, probably depends what kind of ss you are on.
2006-09-27 11:04:46 · answer #6 · answered by cinderjo 3 · 0⤊ 1⤋
Any amount if you are full retirement age. If you are not full retirement age I believe it's about $13,000.
2006-09-27 18:36:57 · answer #7 · answered by Dee 4 · 0⤊ 1⤋
65 or older...no limit
62-65....less, but I don't know how much
2006-09-27 11:07:17 · answer #8 · answered by Gerry 2 · 1⤊ 0⤋