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Description

A self-employed individual must pay self-employment (SE) tax on earned income to be entitled to receive social security benefits. These benefits include retirement, disability, and survivor benefits as well as Medicare coverage, all of which are important to agricultural producers. To qualify for these benefits, a producer must have contributed by paying self-employment taxes and earning the required quarters of coverage. For additional information about self-employment taxes, refer to the fact sheet “If You Are Self-Employed” in the Related Articles section found on the RuralTax.org website.

Publisher

Rural Tax Education

Publication Date

7-2016

Keywords

optional, paying, self-employment, tax

Disciplines

Education | Higher Education | University Extension

The Optional Method of Paying Self-Employment Tax

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