Tax Guide |
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Some small businesses and farmers who otherwise would have annual income too small to qualify for all four credits toward Social Security benefits can use an optional method to calculate their self-employment (SECA) tax. By using this method they will pay more SECA tax this year, but may qualify for more Social Security benefits in the future.
To see whether you qualify for an optional method, take a look at the following flow chart:
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For more information, see our discussion of computing your SECA tax.
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