but in the details.....Your quarterly estimated payments will be used against both your SS/Medicare and your personal income taxes.
The exact $$ amounts that actually get sent to SS/Medicare for SS credits (i.e. also credited for having paid into SS/Medicare), that will be determined when you fill out your yearly tax return Including your net income from your 1099-NEC or cash income from working as a Self-employed individual, and then file those details in that tax return, for whichever full-year's taxes you are preparing at tax time. (Keep detailed records of your work and expenses as a 1099-NEC employee)
__________________________
The current SS web page states the following for the minimum per-year work earnings needed:
In 2024, you earn 1 Social Security and Medicare credit for every $1,730 in covered earnings each year. You must earn $6,920 to get the maximum 4 credits for the year. During your lifetime, you might earn more credits than the minimum number you need to be eligible for benefits.
Benefits Planner | Social Security Credits and Benefit Eligibility | SSA
____________*Answers are correct to the best of my knowledge when posted, but should not be considered to be legal or official tax advice.*
