   | Welcome to the Notary Talk General Discussion Forum. Before posting, please read the  |
| You are replying to this message: | | |
Posted by Laurie Manzanares on 10/21/16 12:21pm
I understand that each self-employed person reports earning differently. Some not at all, others report a certain persentage. It it getting close to that time of year again so I always take a look. Thought this information maybe helpful or useful for some on this board.
You must first open an Account with Social Security.
The below information can be found at "my Social Security", click "My Home", click "Review your earning records carefully".
_______________________________________________________________________________
Your benefits are based on your earnings. If our records are wrong, you may not receive all the benefits to which you're entitled.
Review your earnings record carefully...
Limits on taxable earnings for Social Security...
There's a limit on the amount of earnings on which you pay Social Security taxes each year. The limit usually increases yearly. Earnings above the limit will not appear on your earnings chart as Social Security earnings. (For Medicare taxes, the maximum earnings amount began rising in 1991. Since 1994, all of your earnings are taxed for Medicare.)
Note: Currently, you and your employer each pay a 6.2 percent Social Security tax on up to $118,500 of your earnings and a 1.45 percent Medicare tax on all your earnings.
If you are self-employed, you pay the combined employee and employer amount, which is a 12.4 percent Social Security tax on up to $118,500 of your net earnings and a 2.9 percent Medicare tax on your entire net earnings. If you have earned income of more than $200,000 ($250,000 for married couples filing jointly), you must pay 0.9 percent more in Medicare taxes. |
|
