1099 and Social Security

[4_babs]

If I get a 1099 this year, will I pay into SS? I don’t work outside my home. This would be my only income.

[mtgraves7984]

The 1099 is only a reporting form. No... no SS deductions will be made from the figures shown on it.

[rockyroadtradingpost]

You'll have to report your earnings and pay the SS tax directly to the IRS.

[slippinjimmy]

There are a number of factors that could mean you would have to pay social security.

You can see more details at this IRS page:

https://www.irs.gov/businesses/small-businesses-self-employed/self-employment-tax-social-security-an...

[4_babs]

So that means a separate form. At least my SS will get bumped up. Thank you.

[4_babs]

But I will pay taxes on that income, and my SS will be a bit higher at least. Thank you for your response.

[4_babs]

Thank you.

[bashort]

and FYI, your social security payment will be 2x what it would of been if you were a employee

[4_babs]

Sorry, I am confused.  So, it’s better to be an employee to get a better SS payment in the future? I guess selling on-line only won’t cut it…..

[slippinjimmy]

When you are self-employed you have to cover the regular SS tax plus the employers share, nothing to do with on-line, it applies to any type of self-employment just like health insurance which an employer will pay (if you had an employer).

[soh.maryl]

For accurate information about Social Security and how it affects you, you would be better served to contact the Social Security Administration.