A more complicated tax code weighs hardest on the self-employed small business owners it was intended to help
The One Thing The Self-employed Want More Than A Tax Cut
Andrew Van Dam, Washington Post U.S.
Mon, 12/18/2017 - 11:42am
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- Self-Employment Taxes
You must pay SE tax and file IRS Form 1040 (Schedule SE), Self-Employment Tax, if either of the following applies: Your net earnings from self-employment were $400 or more; or; You had church employee income of $108.28 or more.
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You usually must pay self-employment tax if you had net earnings from self-employment of $400 or more. Generally, the amount subject to self-employment tax is 92.35% of your net earnings from self-employment.
04/24/2024 - 2:16 am | View Website - Self-Employment Tax: Definition, How It Works, and How to File
What Is the Self-Employment Tax? Self-employment tax is the payment that self-employed people and small business owners owe the federal government to fund Medicare and Social Security.
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Self-employment tax is not the same as income tax. For the 2023 tax year, the first $160,200 of earnings is subject to the Social Security portion. This is up from $147,000 in 2022.
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