If you are self-employed, only 92.35% of your earnings are subject to Social Security and Medicare taxes. So if you report $100,000 in income, you will only pay FICA (Federal Insurance Contributions Act) tax on $92,350 of it. This is referred to as the “self-employed multiplier of .9235.” The reason for the multiplier has to…
Continue readingIf you are disabled, consider the following factors used by the Social Security Administration (SSA) to determine whether or not you are eligible for disability benefits: Are you gainfully employed? Do you have severe impairment(s)? Is your impairment(s) expected to last 12 months or longer? Are you able to perform the kind(s) or work you…
Continue readingWhat if you are disabled and unable to work? You would file for Social Security Disability Income (SSDI) benefits. Sounds simple enough. Now let us consider another – more complicated – question. What if there was a treatment for your disability which would allow you to work, BUT you cannot afford that treatment? Can your…
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Everywhere you turn, things are going paperless. Now the Treasury Department is joining in. The millions of people still receiving their benefits checks in the mail have until March 1 to sign up for electronic delivery. “It makes sense,” says Herndon Social Security lawyer Doug Landau. “It costs 92 cents more to issue a paper…
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