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Level 4

Question

How does Social Security work credits work for the self-employed?

Forum|Forum|3 years ago
May 28, 2023
1 reply
0 views

How does the 1 credit of Social Security work credits per quarter work for the self-employed?

For example, in 2023, you receive 1 credit for each $1,640 of earnings, up to the maximum of 4 credits per year. But if you are self-employed, you pay the self-employment tax only once when you file tax in April. Does it mean you only get 1 Social Security work credits per year?

Not A Product Question

Level 15

If you are self-employed, you earn Social Security credits the same way employees do (1 credit for each $1,640 in net earnings, but no more than 4 credits per year). Special rules apply if you have net annual earnings of less than $400. For more information, read If You Are Self-Employed (Publication No. 05-10022).

Level 4

So to receive the credits each quarter , must you also pay taxes quarterly?

Level 15

No, it will be based on your annual income.