If you work for someone else, you and your employer each pay 7.65 percent of your salary toward Social Security and Medicare taxes, up to a limit established by law. If you work for yourself, you pay 15.3 percent of your taxable income in FICA taxes, up to the prescribed limit. For planning purposes, keep in mind that the tax and earnings bases are generally announced in October or November of the year before the year in which the increase will take effect. Earning credits To get Social Security benefits, you need work credits, which are earned as you work and pay taxes. Unless you are getting dependent or survivor benefits, work credits are a prerequisite to getting benefits out of the system.
Most people earn four credits per year, which is the maximum that can be earned in one year.
Every year, the amount of money needed to earn one credit is adjusted. The number of credits needed to qualify for Social Security depends on your age and the type of benefit for which you might be eligible. It is likely that you will earn more credits than you need during your working lifetime to be eligible for Social Security. While the extra credits themselves will not increase your Social Security benefit, the income you earn while working will increase your benefit. Work with an experienced lawyer in your state.