The Tribune. [volume] (Roanoke, Va.) 1951-19??, 1951-08-25
By VIM. c. Noel, Field Representative
Social Security Administration,
Staunton, Va.

Perhaps in the past you have said, OF
have heard someone say: "John H. was
corporation official with an upper-brack.
cts salary. Now he's retired and getting
social security benefits, monthly. 1 have
my own business and make a modest in
come. When / retire, my income stops.
don't come under social security"
That statement, made before the amend
ed Social Security Act, would have been
wholly true. However, under the new law
and beginning January 1, 1861, you may
have social security protection.
The self employed--people who work for
themselves--may b i n building toward
old-age survivors insurance on the first
of the year. They, like the salaried work
er, may get monthly insurance payments
when they retire; their families NAV get
survivors insurance if the self-employed
worker should die.
The self-employed person will be COW
cred by social security if his net earnings
are at least $500 in year. He will be
given quarter of coverage for each 500
of his yearly earnings but not more than
four quarters of coverage can be credited
to any one year
The self-employed person (who is in eff
feet both employee and employer will
pay social security tax of two and one
fourth Of his net earnings here the
amount Is $500 or more in year, begin
ming with his net earnings for 1851. He
VIII not pay on earnings of over $4,000 a
year. His first report for social security
purposes of his earnings from self-employ-
ment will be made as part of his income
tax return filed on January /, or March
IS, 1852
This report of his net earnings over
$500 and up to $4,000 will include any
profit from his business operations Gas
sole owner or partner) but will not include
income from such nonbusiness sources as
rentals from real estate, unless he is a
real estate dealer, Or dividens or interest
from stocks or bonds unless he is in the
business of securities exchange. Capital
gains and losses. and income fro man es-
tate or trust will not be considered as
earnings for social security purposes
The kinds of trades and business enter
prises In which self-employment will count
toward old-age and survivors insurance
benefits are varied. AS sole owner or part
ner, you may operate store, a beauty
parlor or filling station. You may have
barber shop, tavern or operate your
own taxi. You may be self-employed in
your own manufacturing plant, or you may
have a shoe-shine stand The size of your
business is not consideration. Again, you
may be free-lance writer, artist, sign
painter or independent contractor.
To determine m ore quickly whether
your self-employment work came under
social security in January, 1861, scan the
following list Of excluded professions and
business operations. Your earnings will not
be covered by the law if they come from
as a physician, dentist,
osteopath, chiropractor, optometrist, natur-
opath, Christian Science practitioner, vet.
erinarian, funeral director, lawyer, as al
certified, licensed, registered or full-time
practicing accountant, or as professional
engineer or architect Farm operators al
so are not covered by social security.
In my next article ] shall discuss the
household employee; he second largest
group to become eligible for oid-age and
insurance benefits under the new
Social Security law.