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Social Security Benefits For The Self Employed
Posted in: Benefits on January 25th, 2012

self employedSocial Security benefits are available for the elderly and disabled, but not everyone understands how these benefits work. While SSI is reserved for the aging or disabled that have limited resources, SSDI is provided contingent on a person’s previous employment tax history.  Knowing how these differences affect a person’s ability to receive benefits is an important part of the process. Further, disability applicants who were once self employed may face greater challenges.

Self Employed Individuals

Many Americans are lucky enough to call themselves self employed. Small business owners, farmers and contract laborers all fit this category, but just how “lucky” are they when it comes to cashing in on much needed government benefits? Unfortunately, individuals who have spent a portion of their careers working for themselves may find it more difficult, and even more expensive, to receive the same benefits a traditionally employed person is eligible to receive.

When employed by a corporation a part of a person’s paycheck goes towards paying their portion of FICA taxes. These taxes are the funding source for which retirement, Medicare and disability benefits are paid. As a traditionally paid employee, most people find their salaries off-set much of the 10.4 percent required to be paid towards Social Security because employers will pay a good portion of that percentage. However, as a self employed individual that person is responsible for paying the full 10.4 percent of their income regardless of what they earn.  Further, new legislation is expected to raise the Social Security percentage to 12.4 by the end of February 2012, costing self employed Americans even more in taxes.

 

 

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