Deductions & credits

Yes, the same number will be on Schedule C, Line 31 and Schedule SE Line 2. However the income used by the Social Security Administration is on Schedule SE, Line 4c. (SE income x .9235).  Reduced to help self employed individuals by lowering their business net profit before applying the social security or self employment tax.

Your net income based on your comments, for 2023 was $1,645. We would not be able to explain what the Social Security Administration (SSA) indicated you should make for each quarter. The line numbers will tell you what you earned for the entire year in 2024 (and 2023).

If you believe you will not owe in 2025 you do not need to follow the information next. If you want to be safe you can uses it to see what you should pay to be sure you have no underpayment penalty. 

The information below will explain when an underpayment penalty would kick in for you in 2025. The simplest way to cover your tax liability, and there could be some balance due when you file, is to pay at least as much as your tax is for 2024 (line 24, Form 1040). As long as you pay this amount in estimated payments (divide by 4) equally throughout the tax year and withholding from an employer, you would have no penalty. Take the information into account below.

Generally, you can avoid the penalty if your total timely estimated payments and withholdings are greater than or equal to the lesser of:

• 90% of the total tax after credits for the current year, or
• 100% of the total tax after credits in the prior year
• See one exception below.

You can also avoid the penalty if the amount you owe is less than $1,000 as long as any estimated tax payments you made are timely.

Note: High-income taxpayers. If your adjusted gross income (line 11 of your 2023 Form 1040) is greater than $150,000 (or $75,000 if you're married and file a separate return from your spouse), you can avoid a penalty by paying at least 110% of your total tax from the prior year.

@Casey007 

[Edited: 04/08/2025 | 8:30 AM PST]