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Will My 1099 Income Be Used Just Like W-2 Earnings?
Will my 1099 income for 2021 be used just like W_2 Earning for social security.
Hi. No. Social Security taxes are not withheld from income reported on a 1099 form. Income reported on a 1099 form is only considered as earnings for purposes of Social Security benefit calculations and the Social Security earnings test if the income represents self-employment earnings. If it does, then the countable amount of the self-employment income is the net earnings from self-employment (NESE) that's reported on Schedule SE of the person's tax return.
Best, Jerry
Posted:
January 8, 2022