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security protection that they will need someday — or that their families may need tomorrow.
Mrs. Crumpton said even if a self-employed farmer does not have enough income to owe income tax, he may still need to file a tax return in order to receive social security credits.
If a farmer’s gross profit is $600 or more and his net profit is $400 or more the law says he must report his income for social security and pay the social security tax on his net earnings, Mrs. Crumpton pointed out.
If he has a net profit of less than $400, or even a loss, but had a gross profit of at least $600, he may file, using what is known as the optional method, and receive social security credits for his earnings.
Under the optional method of filing, Mrs. Crumpton said, a farmer whose gross profit is between $600 and $2,400 may report and get social security credit for two-thirds of his gross, regardless of the amount of his net income.
If his gross profit is over $2,400, but his net is less than $1,600, he may nevertheless report and get credit for $1,600.
Mrs. Crumpton said that a farmer who has not reported his earnings for social security has about 3 years to make the report, pay the back taxes due, and get the earnings credited to his social security record.
A recent case in which a young farmer was killed in a tractor accident already illustrates the need for reporting earnings, Mrs. Crumpton said. The farmer left a wife and 3 young children. He
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