Self Employed Ss With Dependents
Description
How to fill out Determining Self-Employed Independent Contractor Status?
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FAQ
If you earned enough self-employment income, you must pay self-employment tax regardless of your age, even if you're a minor dependent or are retired and already receive Social Security or Medicare benefits.
athome parent can get a Social Security check just like any other worker. Here's how. In order to qualify for a full Social Security benefit, you have to have worked 40 quarters, which equates to 10 years, earning a minimum of at least $1,640 per quarter.
If you're self-employed, you pay the combined employee and employer amount. This amount is a 12.4% Social Security tax on up to $160,200 of your net earnings and a 2.9% Medicare tax on your entire net earnings.
Share: You aren't taxed on Social Security Benefits for your Dependents. Since your child is the person with the legal right to receive these Social Security Benefits, they're only taxable to her. These benefits are reported on her return if she files a return.
The qualifications for Social Security are the same, whether you're self-employed or work for someone else. Self-employed individuals earn Social Security work credits the same way employees do and qualify for benefits based on their work credits and earnings.