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Get your taxes done using TurboTax
@penwright1029 wrote:
I should have mentioned, I'm already retired. I'm 77. We have SS, SSI and SSDI as our only income, which is only around 16,000 a year.
Yes, unfortunately, all income that is considered "compensation" from "working" is subject to social security and medicare tax, even if you are retired and collecting your benefits. In some cases, having additional income might increase your benefit, but it depends on your work history. (Your benefit is based on your 35 highest earning years. If you have some zeroes in there (due to unemployment, or being a stay at home parent, or being a student, for example), then a year of working, even at age 77, will replace one of those zeroes, and could result in a benefit recalculation in your favor.)
‎November 20, 2024
6:46 PM