July 27, 2018

YOUR SOCIAL SECURITY | Rock Island, Illinois Office

By Cristina Vital
Social Security Manager
Rock Island Social Security Office

SOCIAL SECURITY WHEN YOU ARE SELF-EMPLOYED

Most people who pay into Social Security work for an employer. Their employer deducts Social Security taxes from their paycheck, matches that contribution, sends taxes to the Internal Revenue Service (IRS), and reports wages to Social Security. However, self-employed people must report their earnings and pay their Social Security taxes directly to the IRS. These taxes will help determine your eligibility for benefits later.

You’re self-employed if you operate a trade, business, or profession, either by yourself or as a partner. You report your earnings for Social Security purposes when you file your federal income tax return. If your net earnings are $400 or more in a year, you must report your earnings on Schedule SE, in addition to the other tax forms you must file.

Net earnings for Social Security are your gross earnings from your trade or business, minus your allowable business deductions and depreciation. Some income doesn’t count for Social Security and shouldn’t be included in figuring your net earnings.

You can read more about self-employment, paying your Social Security taxes and figuring and reporting your net earnings at www.socialsecurity.gov/pubs/EN-05-10022.pdf.

Social Security has been a cornerstone of American security for over 80 years. As a self-employed person, your small business is another cornerstone in the foundation of our economy. Working together, we make this nation stronger.

We’re here for you, securing today and tomorrow. Remember, the most convenient way to contact us anytime, anywhere is to visit www.socialsecurity.gov.

YOU’LL FEEL LIKE YOU’RE ON VACATION WITH HOW EASY THIS IS

August might be the last of the months that people think of when we say “summer vacation,” but it’s by no means the least. People are still taking trips and hosting family while enjoying America’s beaches and national parks. Social Security might not be on the top of your to-do list when you’re on vacation, but we’ve made it so easy to do business with us online that you can connect with us pool-side or on the go.

We are constantly expanding our online services to give you freedom and control in how you wish to conduct business with us. Our online services help you plan for the future and keep you in control of your benefits. You can go online to:

  • Find out if you qualify for benefits;
  • Use our benefit planners to help you better understand your Social Security protection;
  • Estimate your future retirement benefits to help you plan for your financial future;
  • Apply for retirement or Medicare quickly and easily; and
  • Open your personal my Social Security account. It is a powerful tool to help you stay in control of your Social Security record. If you don’t receive benefits yet, you can:
  • Get your Social Security Statement to review your earnings and make sure they’re recorded correctly;
  • Get a benefit verification letter to prove you don’t receive Social Security benefits or that you applied but haven’t received an answer yet;
  • Request a replacement Social Security card if you meet certain requirements; and
  • Check the status of your application or appeal a decision.

If you receive benefits, you can:

  • Change your address and phone number;
  • Get a benefit verification letter to prove you receive Social Security benefits, Supplemental Security Income (SSI), or Medicare;
  • Change your direct deposit information at any time;Request a replacement Medicare card; and
  • Get a replacement Benefit Statement (SSA-1099 or SSA-1042S) for tax purposes.

Kick your feet up and grab your laptop or even your cellphone. You can access our online services page and do much of your business with us when you’re on the go at www.socialsecurity.gov/onlineservices.

Remember, you can easily share our webpages and resources by copying the link and messaging a family member or friend. Now, go enjoy that vacation or start planning your next one knowing that, at Social Security, we’re securing your today and tomorrow.

 

Filed Under: Finance, Retirement