- Estimate the first year Net Profits from the business (Schedule C)
- Calculate Net Earnings from Self Employment (NESE)
- Net Profit minus ½ self-employment taxes (7.65%)
- Social Security will divide NESE by the number of months worked and monthly income
- SSI will be adjusted accordingly
- At end of the tax year, report actual Net Profits to Social Security
- If different than the original estimate, SSI will be adjusted accordingly
- Social Security will use actual NESE to project the effect on next year’s SSI
If I am self-employed, how do I calculate and report my income for SSI?
Additional Resources
- Information on fibrous dysplasia and McCune-Albright syndrome
- Watch FD/MAS Alliance videos about Federal Disability Benefit Programs
- Learn the difference between SSI and SSDI
- Find your local social security office in this directory Social Security Disability Website
- AARP Social Security Resource Center/Disability Benefits
- Slides from Disability Benefits 101
- Slides for Disability Benefits 102: Working While on Benefits
- Benefits Planning Calendar (per slide 34 of Disability Benefits 102)
FD/MAS Alliance is a recipient of the Financial Advocacy in RARE Impact Grant sponsored by Global Genes. Thanks to this award, FD/MAS Financial Literacy 101 is made possible. We thank Michael Beloff, CFP®, ChSNC® Belvedere Wealth Partners, for donating his time and financial expertise and Caroline Fuchs, CAE, for contributing her time, communications, and digital strategy expertise to the FD/MAS community for this resource.
