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Printable Form 1040-SS Allegheny Pennsylvania: What You Should Know

The Schedule SE does not need to be filed. See Section A, Tax Filing Requirements, for the Federal Section for Schedule SE. About Social Security and Medicare Taxes Dec 13, 2024 — You have to claim the Schedule SE for Self-Employment Tax when withholding federal SSI, Medicare Tax (Medicare Wages and Supplemental Security Income), and other state SSI/Medicare SSI. In addition, Schedule SE income may be used as an adjustment for SSI and other SS funds and for Medicaid. Dec 13, 2024 — If your child is more than 15 years of age on the date that you remit the self-employment tax, you can exclude the first 40,000 of wages, self-employment income, or both. If your child is under 15 years of age, the 40,000 exclusion becomes 24,000 each of the first four quarters. The exclusion does not reduce the amount paid to your child. Dec 2024 — The Social Security Tax Act, known as the Act of August 24, 1935 (P.L. 990), provides for a tax on the basic rate of Social Security pay to a maximum of 6.2 percent. The Act provides that the amount of Social Security taxes withholding from self-employment returns is tax-deductible to the extent of 5 percent of the Social Security tax for each pay period in the return and to the extent the tax is remitted to a state or federal agency, to the extent the tax is exempt, or to a pension or retirement fund under the Act of December 15, 1947 (P.L. 515, 86 Stat. 1220), but otherwise not deductible. These exemptions and deductions are to be used to offset tax liability for all other Federal and State taxes with respect to the earnings on the Social Security tax return. About the Social Security and Medicare taxes, Federal Law and State Law Dec 2024 — The Act of December 15, 1947 (P.L. 515, 86 Stat. 1220), provides for a basic Social Security tax rate of 8.3 percent, and a supplementary payment rate of 1.9 percent, payable to individuals who are at least 62 years of age on the first day of their tax year (April 15 of the year following the calendar year).

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