Another Oldie - Fool Me Twice Posted: Aug 16th, 2021 - 7:57 pm In Reply to: God Bless You All - LinK
I'm 63 and took SS last year because I needed the income. For those of you wanting to take SS and still work, be aware that when working as a 1099 IC, SS considers you as having your own company and, being a business owner, you are only allowed to work 40 hours per MONTH. If you go over 40 hours per month they will cancel your SS benefits. You must also still pay federal, state and 100% of your FICA taxes (15.3% of earnings) no matter how little you make. I only make $9/hour as an IC and at 40 hours a month + getting reamed on taxes it's just not worth it, especially when I see MacDonald's is paying $13/hour + food + uniform costs + benefits. Would you like fries with that?
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