Attention Readers: Effective immediately all contact forms on EmporiaNews.com have been removed to prevent spam. Anything you wish to send to Emporia News should be sent to news@emporianews.com.

Current Weather Conditions

 
Seven Day Forecast for Emporia, Virginia
 

Community Calendar Sponsored By...

 

Self Employment and Social Security

GREENSVILLE/EMPORIA DEPARTMENT OF SOCIAL SERVICES

LOCAL BOARD MEETING

The Greensville/Emporia Department of Social Services Administrative Board will hold its regular meeting Thursday, July 18, 2019, at 3:30 p.m. The meeting will be held at the Greensville/Emporia Department of Social Services located at 1748 East Atlantic Street.

Emporia News needs your help...

Do you read Emporia News every day? Have you ever considered supporting this community based news service with a donation? You may also make a recurring donation with a subscription.

Emporia News needs your help because it is time to replace a laptop and a camera, so that I may continue to bring you a quality site. It troubles me to ask for donations, but without support, Emporia News may be forced to shut down. Thank You.

By Jacqueline Weisgarber, Social Security Public Affairs Specialist in Richmond, Virginia

Many people enjoy the independence of owning and operating their own small business. If you’re a small business owner, you know that you have additional financial responsibilities when reporting your taxes. A part of this is paying into Social Security.   

Most people who pay into Social Security work for an employer. Their employer deducts Social Security taxes from their paycheck, adds a matching contribution, then sends those taxes to the Internal Revenue Service (IRS) and reports the wages to Social Security. Self-employed people must do all these actions and pay their taxes directly to the IRS.

You’re self-employed if you operate a trade, business or profession, either by yourself or as a partner. You report your earnings for Social Security when you file your federal income tax return. If your net earnings are $400 or more in a year, you must report your earnings on Schedule SE, in addition to the other tax forms you must file.

You must have worked and paid Social Security taxes for a certain length of time to get Social Security benefits. The amount of time you need to work depends on your date of birth, but no one needs more than 10 years of work (40 credits).

In 2019, if your net earnings are $5,440 or more, you earn the yearly maximum of four credits — one credit for each $1,360 of earnings during the year. If your net earnings are less than $5,440, you still may earn credit by using an optional method described below.

We use all your earnings covered by Social Security to figure your Social Security benefit, so, report all earnings up to the maximum, as required by law.

Family members may operate a business together. For example, a husband and a wife may be partners or run a joint venture. If you operate a business together as partners, you should each report your share of the business profits as net earnings on separate self-employment returns (Schedule SE), even if you file a joint income tax return. The partners must decide the amount of net earnings each should report (for example 50 percent and 50 percent).

You can read more about being self-employed and how that affects your Social Security benefits including optional methods of reporting at www.socialsecurity.gov/pubs/EN-05-10022.pdf.

Emporia News

Stories on Emporianews.com are be searchable, using the box above. All new stories will be tagged with the date (format YYYY-M-D or 2013-1-1) and the names of persons, places, institutions, etc. mentioned in the article. This database feature will make it easier for those people wishing to find and re-read an article.  For anyone wishing to view previous day's pages, you may click on the "Previous Day's Pages" link in the menu at the top of the page, or search by date (YYYY-M-D format) using the box above.

Comment Policy:  When an article or poll is open for comments feel free to leave one.  Please remember to be respectful when you comment (no foul or hateful language, no racial slurs, etc) and keep our comments safe for work and children. Comments are moderated and comments that contain explicit or hateful words will be deleted.  IP addresses are tracked for comments. 

EmporiaNews.com serves Emporia and Greensville County, Virginia and the surrounding area
and is provided as a community service by the Advertisers and Sponsors.
All material on EmporiaNews.com is copyright 2005-2019
EmporiaNews.com is powered by Drupal and based on the ThemeBrain Sirate Theme.

Submit Your Story!

Emporia News welcomes your submissions!  You may submit articles, announcements, school or sports information using the submission forms found here, or via e-mail on news@emporianews.com.  Currently, photos and advertisements will still be accepted only via e-mail, but if you have photos to go along with your submission, you will receive instructions via e-mail. If you have events to be listed on the Community Calendar, submit them here.

Contact us at news@emporianews.com
 
EmporiaNews.com is hosted as a community Service by Telpage.  Visit their website at www.telpage.net or call (434)634-5100 (NOTICE: Telpage cannot help you with questions about Emporia New nor does Teplage have any input the content of Emporia News.  Please use the e-mail address above if you have any questions, comments or concerns about the content on Emporia News.)