Originally Posted by suwen
But I know there should be on Schedule SE (line 1, 2, 3 or 4) the amount you can use to figure out how many credits you have for that particular year.
Example for 2015, one credit is $1,260, SO 4 X $1,260 = $5,040 - where this amount should be, on which line from Schedule SE?
basically as you know,If you work as an employee you must pay social security and Medicare taxes, fica taxes, in most cases. Your payments of these taxes contribute to your coverage under the U.S. social security system. Your employer deducts these taxes from each wage payment. As an employee you do not need to file sch se of 1040,
are you a self employer?? as said,then,
You must have worked and paid Social Security
taxes for a certain length of time to get Social
Security benefits. The amount of time you need
to work depends on your date of birth, but no one
needs more than 10 years of work (40 credits).
In 2016, if your net earnings are $5,040 or
more, you earn the yearly maximum of four
credits?one credit for each $1,260 of earnings
during the year. If your net earnings are less than
$5,040, you still may earn credit by using the
you need to use all your earnings covered by Social
Security to figure your Social Security benefit,
so, report all earnings up to the maximum, as
required by law.
So sch SE of 1040 form is used by individual taxpayers who had net earnings from self-employment of $400 or more and who are likely to be liable to the IRS for self-employment tax called seca tax;sch SE has nothing to do with FICA soc sec tax/benefits;