I recently received an email from a reader asking:
How does now being self employed and not paying SS benefits, how does or will this affect my ss retirement benefits?Signed, Concerned Self Employed
Hi. If you are making an income from self employment then you will normally pay self employment tax which covers the social security tax. The self employment tax is taken out when you file your IRS income taxes.
It is covered at the Social Security web site at this page:
The base tax is 15.3% up to $106,800 and then you pay the medicare portion of 2.9% on anything above that.