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Some small businesses and farmers who otherwise would have annual income too small to qualify for all four credits toward Social Security benefits can use an optional method to calculate their self-employment (SECA) tax. By using this method they will pay more SECA tax this year, but may qualify for more Social Security benefits in the future.
To see whether you qualify for an optional method, take a look at the following flow chart:
The file is in Adobe portable document format (PDF), which requires the use of Adobe Acrobat Reader.
Adobe Acrobat Reader is available, without charge, at the Adobe website.
For more information, see our discussion of computing your SECA tax.
After you finish your federal tax return, your information will accurately and automatically transfer into your state return. Just answer a few state specific questions, and you're done.
CompleteTax State is only $34.95 and includes: