Hello. DBH here again, with related question:
To get (at least) the 4 remaining S.S. points (4), is the qualifying income/ tax contribution based upon NET income, or Gross Income. Doing Rideshare has many deductions, as does 'handyman' work I occasionally do, ... point being I would rather trim my deductions to claim qualifying income/tax payment, so as to get my final 4 Social Security points. So, Net or Gross for qualifying income for Social Security (lifetime tally) points.
Thanks.
Great question!
The amount of earnings it takes to earn a credit may change each year. In 2023, you earn 1 Social Security and Medicare credit for every $1,640 in covered earnings each year. You must earn $6,560 to get the maximum 4 credits for the year.
I hope this answers your question. I am going to make an educated guess that this is based on NET INCOME. So Income - expenses.
Please remember that it is important to claim all expenses that occured. Don't leave them out just to get tax benefits or Points.
Katie S.
Great question!
The amount of earnings it takes to earn a credit may change each year. In 2023, you earn 1 Social Security and Medicare credit for every $1,640 in covered earnings each year. You must earn $6,560 to get the maximum 4 credits for the year.
I hope this answers your question. I am going to make an educated guess that this is based on NET INCOME. So Income - expenses.
Please remember that it is important to claim all expenses that occured. Don't leave them out just to get tax benefits or Points.
Katie S.