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Submitted by: Amy Rose Herrick
Amy's skills combine Tax Planning, Income structuring, Cash Flow, Divorce Settlements, Debt configuration, Estate Plans, Portfolio Planning and Distribution Alternatives. She assisted an institutional investor base from '86-90, then focused her practice in '91 to the present for individuals and small business exclusively. Amy holds various professional licensing in several states. She has provided planning advice to multiple media outlets including Newsweek. Interviews are available.
All wages up to $97,500 will be subject to the 6.2% OASDI tax in 2007. If you are self employed, remember the amount of tax due will be double this figure. One half will be for the “employer” contribution, and the other half as the “employee” contribution.
There is no limit on the amount of wages that will be subject to the 1.45% Medicare tax in 2007. If you are self employed, remember the amount of tax due will be double this figure. One half will be for the “employer” contribution, and the other half as the “employee” contribution.
You must earn at least $1,000 per quarter for each quarter to count towards your earning record for future dependent and individual benefits.
If you begin taking Social Security retirement benefits before your full retirement age and plan to keep working, every $2 you earn over the $12,960 annual limit will cost you $1 in benefits.
If you begin taking Social Security retirement benefits in the year you reach full retirement age, for the months you worked before you reached full retirement age, every $3 you earned over the $34,440 annual limit will cost you $1 in benefits.
There is no limit on earnings or any reduction in benefits penalties on your earnings beginning the month you have reached full retirement age.
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