Do they still take 1/3 dollars from income earners social security if they earn over a certain amount or has it increased?
I always wondered why they penalized them given that this additional earned liquidity helps the economy through additional buying and selling.
Do they still take 1/3 dollars from income earners social security if they earn over a certain amount or has it increased?
Here’s the latest I could find...
In 2020, you lose $1 in benefits for every $2 earned over $18,240.Dec 16, 2019
Was $17,640 for 2019 ( so if the minimum wage was 15 that means you could work up to 1176 hours before you were penalized)
Joke is most think that since we all payed in that its like any other money and we are restricted from other sources of income....
Penalty..
If you exceed the earnings limit, Social Security will hold off on sending your payment for as many months as it takes to “repay” the $1-for-$2 benefit withholding. ... You lose $1 in benefits for every $2 of work income above that amount.Dec 16, 2019
My wife receives SS payments and since I work we get taxed for most of it. The fact that your SS contributions come out after taxes, and you can get taxed on your benefits later, is just outrageous.