social security taxes
Category: Business and Money > Finance
Asked by: nurse5102-ga
List Price: $5.00
26 Jun 2006 12:15 PDT
Expires: 26 Jul 2006 12:15 PDT
Question ID: 741189
must self-employed continue to pay social security taxes past age 65?
Re: social security taxes
Answered By: efn-ga on 26 Jun 2006 23:17 PDT
Hi nurse5102, The Social Security and Medicare tax a self-employed person pays is called "self-employment tax." A self-employed person older than 65 must still pay this tax. Chapter 10 of Internal Revenue Service Publication 334, "Tax Guide for Small Business," states this quite clearly: "The self-employment tax rules apply no matter how old you are and even if you are already receiving social security and Medicare benefits." Source: http://www.irs.gov/publications/p334/ch10.html A page on Self-Employment Tax in the IRS's Small Business and Self-Employed One-Stop Resource says the same thing. http://www.irs.gov/businesses/small/article/0,,id=98846,00.html I hope this answer is helpful, if not what you wanted to hear. Standard disclaimer: Google Answers does not provide professional tax advice. --efn
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