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How Do I Pay Social Security Tax as a 1099 Contractor

If you earn a living doing contract work or as a sole proprietor, you will likely receive a 1099-MISC from every person and company that you do work for during the tax year. The income you earn that’s reported on a 1099-MISC isn’t subject to income, Social Security or Medicare tax withholding. However, this doesn’t mean you are exempt from paying these taxes. Instead, you’re responsible for determining your own Social Security tax using a Schedule SE attachment to your 1040.

First, determine what your net contractor or self-employment earnings are. Contractors and sole proprietors pay federal taxes on the net earnings or profit reported on their Schedule C, or in some cases, on Schedule C-EZ, rather than on the gross amount. Your net profit is equal to all payments you receive minus any business expense deductions you’re able to claim.

Next, see if you’re even responsible for paying Social Security taxes. The IRS will only require Social Security tax payments if your net earnings reported on Schedule C is $400 or more. As a result, it’s unnecessary to file Schedule SE with your income tax return when your annual self-employment income is less than $400. If, however, you do owe SSI tax, you’ll need to transfer the net profit amount from Schedule C to your Schedule SE.

Schedule SE will instruct you to multiply your net profit by the self-employment tax rate in effect for the year, which is approximately 12.4%. This 12.4-percent Social Security tax rate only applies to a maximum amount of self-employment income.

The IRS allows self-employed taxpayers to claim a deduction on their 1040 for half of the self-employment taxes they calculate on Schedule SE. However, if you earn additional income as an employee during the year, the amounts your employer withholds to pay your Social Security tax is not deductible.

For the 2011 tax year only, the government reduces the Social Security tax rate to 10.4 percent, but this is only a temporary reduction and it resumes the normal 12.4-percent rate thereafter.

IRS Reference:
Schedule C-EZ