Recently, a client told me that her tax preparer told her not to pay Social Security tax because it will not be there when she wants to use it. That is the absolute wrong advice to take.
Most taxpayers have to pay Social Security taxes on their income, regardless of whether they work for an employer or are self-employed.
Social Security is financed through a dedicated payroll tax. Employers and employees each pay 6.2 percent of wages up to the taxable maximum of $137,700 (in 2020), while the self-employed pay 12.4 percent.
Social Security tax it not a choice. I told her she was not to use that tax preparer again.