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G
guillermo20201
February 6, 2025
Question

When you report self employment income does that earn social security credits

  • February 6, 2025
  • 1 reply
  • 0 views
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    1 reply

    M
    MindyB
    February 6, 2025

    Yes, it does.  But keep in mind, you will be paying both the employee and employer portion of Social Security tax (12.4%). Medicare is another 2.9%. You will get to take a deduction for the employer-equivalent portion of payroll taxes when you prepare your tax return.

     

    Here is an article with more information you may find helpful: A Guide to Social Security Tax

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