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abecklehimer
March 10, 2023
Question

EIC - How do you calculate EIC on only Social security taxes owed (see below)

  • March 10, 2023
  • 1 reply
  • 0 views

1099 Income $2,680 less expenses = $769  and  less 1/2 Social Security $55

Adjusted Gross Income (self employed) $714  (Social security earning but Zero taxed)

$0 taxable income

Social security owed $109

EIC is $55

Tax owed is $54

 

What is the calculation for EIC to come up with the $55?  

 

    1 reply

    M
    MonikaK1
    March 11, 2023

    The Earned Income Credit is based on your earned income, certain other income, filing status, and number of children for the year. Your self-employment tax is not part of the calculation of the Earned Income Credit.

     

    See this TurboTax tips article and this IRS webpage for more information about the Earned Income Credit and how it is calculated.

     

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