Earnings Test When Collecting Social Security Before FRA when Self Employed
My understanding is a self-employed individual claiming Social Security benefits before FRA provides "Net Income" (not gross earnings) to Social Security Administration which is used as the basis for determining what SS withholds from benefit payout (please correct me if my understanding is wrong).
Now my specific question: For "Net Income" determination does SS use Line 31 (Net Profit or Loss) from IRS Form Schedule C as the basis for determining SS withholding amount? Or some other IRS form line item as the basis?
Is this the same when a self-employed person claims SS benefits before their birthday?
Hope I was clear on my question...if not please let me know. Thanks!