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Home / Services / Calculators / Newsletter / Archives Social Security
The SENIOR CITIZENS' FREEDOM TO WORK ACT has allowed many senior citizens to work and still collect retirement benefits from Social Security. Seniors who are under full retirement age, will have their benefits reduced $1 for every $2 earned. In the year a senior reaches full retirement age, the benefits are reduced by $1 for every $3 earned over $30,000 for 2002 and $30,720 for 2003. The Social Security wage base is $84,900 for 2002 and $87,000 for 2003. If this isn't complicated enough, seniors will have to pay federal income tax on their Social Security if the sum of their adjusted gross income, tax-exempt interest, and one-half of the Social Security benefits exceed $25,000 for a single taxpayer and $32,000 for married taxpayers who file joint returns. (March, 2003 Newsletter)
James E. Newland, CPA 939 Center Road Eastlake, Ohio 44095 440-951-9799 |
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