Posted by marilyn/PA on 1/16/13 8:27pm
Msg #450740

Anyone doing closings that also gets social security?

Looking for some tips...from what I understand I can only make 14,700.

Reply by Linda_H/FL on 1/16/13 8:30pm
Msg #450741

Me...under early Social Security

for 2012 the maximum was $14,240 - for 2013 it's $15,120

What they don't tell you is IF you have to pay them back they don't require it all in one lump sum - you can make monthly payments toward it.

Reply by Susan Fischer on 1/16/13 9:13pm
Msg #450745

Gross or net? n/m

Reply by MikeIL on 1/16/13 9:53pm
Msg #450753

Re: Gross or net?

It is net. If you earn over the set amount you must return $1 for every $ 2 earned. I know because I worked for 4 months in 2012 for an old client helping him get his sales team organized. I just got an bill from SS for $1900. I believe the amount you can earn is restricted until you hit full retirement age. But check with your CPA or the SS website.

Reply by Linda_H/FL on 1/17/13 7:19am
Msg #450787

It's Gross - $15,120 - not net. n/m

Reply by Shoshana/AZ on 1/16/13 10:28pm
Msg #450754

The 2013 limit is a little over $15,000 this year.

I just applied and will start getting checks on the 4th Wednesday in June.

Reply by Budman on 1/16/13 10:29pm
Msg #450755

I do. I'm 67 now and my CPA told me I could make as much as I wanted. I'm not sure of the age so you need to check with your accountant.

Reply by Sha/CA on 1/16/13 11:41pm
Msg #450765

I just started receiving my early SS this year. My new accountant said not to worry, but I do! I don't' know if it's net or gross that they count but I'll be one that learns soon. I'd like to know for sure now though. Thank you for sharing.

Reply by Patti Corcoran on 1/17/13 9:48am
Msg #450790

Re: It is net. Remember: deductions - you can deduct

your home office, a percentage of utilities, etc. You can deduct your mileage, and keep in mind that you do not pay taxes on the actual notarizations themselves. Your CPA may not know this. I had to show it to him from one of my books. Keep your receipts for all expenses and good luck to you in 2013!

Reply by bagger on 1/17/13 10:58am
Msg #450800

It's Gross!

Call SS, they will tell you it is BEFORE expenses.

Reply by Deborah Breedlove on 1/17/13 11:08am
Msg #450803

Re: It's Gross!

Nope, it's net. SSA mainly gets your earned income amount from W-2s and your Sch SE, which reflects net income. Since notary fees may be excluded from the Sch SE, this seems to imply that they would not be considered earned income for purposes of computing excess SS benefits.

Reply by Linda_H/FL on 1/17/13 11:50am
Msg #450823

It's Gross...and it's right here from SSA itself

http://ssa-custhelp.ssa.gov/app/answers/detail/a_id/236/kw/%2Bworking%20%2Breceiving%20%2Bbenefits%20-disability/session/L3RpbWUvMTM1ODQ0NDkyMS9zaWQvWEFsdld4Z2w%3D

Reply by Linda_H/FL on 1/17/13 11:51am
Msg #450825

And then Linda read a little further and blushed like crazy!

Or NET SELF EMPLOYMENT WAGES...

My deepest apologies.

Reply by MW/VA on 1/17/13 12:21pm
Msg #450833

No! It's definitely NET. If not, I'd owe ss a fortune! :-) n/m

Reply by VT_Syrup on 1/17/13 12:25pm
Msg #450837

Gross or net?

People are throwing around the terms gross or net, without any context. But there are at least two contexts: an employee who has a gross income and a take-home income, vs. a sole proprietor who has gross revenue and net profit. I don't know the answer, but I wouldn't be surprised if the answer is entirely different for these two contexts.

Reply by jba/fl on 1/17/13 3:33pm
Msg #450884

I think we understand perfectly well the context being used

here.

Reply by VT_Syrup on 1/17/13 4:15pm
Msg #450894

Re: I think we understand perfectly well the context -- NOT

According to the website Linda H/FL pointed out, "You can earn $14,640 gross wages or net self-employment a year and not lose any benefits in 2012." So indeed, the answer is different for employees (gross) vs. self-employed (net). And yet Linda H/FL is saying gross. But most of the people here are self-employed. So there does not seem to be agreement on what context is intended.

The website in question is

http://ssa-custhelp.ssa.gov/app/answers/detail/a_id/236/kw/%2Bworking%20%2Breceiving%20%2Bbenefits%20-disability/session/L3RpbWUvMTM1ODQ0NDkyMS9zaWQvWEFsdld4Z2w%3D

Reply by jba/fl on 1/17/13 4:18pm
Msg #450897

Then Linda blushed and saw the light.....all was illuminated

Msg #450825

Reply by Linda_H/FL on 1/17/13 4:29pm
Msg #450899

yeah..I guess he missed the part where I ate the crow

without the salt.

Reply by HisHughness on 1/17/13 12:34am
Msg #450777

One of the advantages of being a REAL OldePharte ...

... is that you can earn all you want to. Also, I was a member of the last cohort who could retire at full benefits at 65; no months added on to that. I kiss the check when it comes in each month, remind myself that it is my reward for living a sanctified life those 65 years, and revel in the fact that now I can engage in any sort of debauchery I wish.

Reply by bagger on 1/17/13 7:12am
Msg #450786

If your spouse is collecting SS.....

form a partnership, now you can double what you take in.

Reply by zebbienc on 1/17/13 1:59pm
Msg #450869

Re: If your spouse is collecting SS.....

you can form your own busines and make as much as you like if you are under 65..earnings are reported under your TIN number instead of social security number...

Reply by BrendaTx on 1/17/13 3:37pm
Msg #450885

?????

The TIN ETIN, EIN... is directly related to the SS number.

Reply by Carolyn Bodley on 1/17/13 4:14pm
Msg #450892

God help us ...

EIN, TIN however you want to refer to it is definitely ATTACHED to one's social security number.

You might want to start modeling striped clothing, because that might be your mode of dress really soon.