When filling out the forms for disability consideration, the Social Security Administration (SSA) requires you to provide a lot of financial information, including details of your earned income (wages) and unearned income (benefits, pensions, interest income, etc.). For non-blind individuals, if your income exceeds $1090 in 2015, you most likely will not be eligible for SSI benefits. If you earn less than $1090, you may be eligible, but the amount you receive will be in direct proportion to your earnings.
Calculating SSI Benefits
When determining how much money you will receive each month, the SSA starts with the total of your current earned and unearned monthly income, but then subtracts a fixed amount as well as certain additional forms of income. Called exclusions, these subtractions can be difficult to figure out on your own. The SSA provides an extensive list of exclusions on its website, but you can get a general idea of how the calculations work with the following example.
If your gross monthly income from a part-time job is $520 you will make deductions as follows:
|
Step One: Calculating Countable Income |
|
Total |
|---|---|---|
|
Earned Income |
$520 |
$520 |
|
Subtract General Income Exclusion |
-$20.00 |
$500 |
|
Subtract Earned Income Exclusion |
-$65 |
$435 |
|
Countable Earned Income |
|
$435 |
|
Divide Countable Income in Half |
$435 / 2 |
$217.50 |
|
Total Countable Income |
|
$217.50 |
Once the countable income is determined, it is subtracted from this year’s federal benefit payment standard rate.
|
Step Two: Using Your Countable Income to Determine Your SSI Pay |
|
|
|---|---|---|
|
Federal Benefit Rate (2015) |
$733 |
|
|
Subtract Adjusted Countable Income |
-$217.50 |
|
|
Adjusted SSI Payment Amount Total |
|
$515.50 |
Therefore, if your working monthly income is $520, your total monthly income with disability should be $1,035.50. Need more information on how your disability is calculated? Contact us today for a free consultation and let us help answer your questions and address your concerns. Remember, it’s our job to help you!
Are You Looking for a Social Security Disability Attorney in Natick, MA?
If you are looking to apply for social security disability, you need to speak with an experienced social security disability lawyer as soon as possible. Please contact us online or call our Natick Office directly at 508.283.5500 to schedule your free consultation.
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