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Here are a few of the most common self-employment tax deductions: 1. Self-Employment Tax Deduction. If you’re self-employed, you will end up paying more Social Security and Medicare tax than an ...
The current self-employment tax rate is 12.4% for Social Security, which is your old-age, survivors and disability insurance, and 2.9% for Medicare, which is your hospital insurance. These taxes ...
If you're self-employed, you must file quarterly taxes every few months. These are your estimated tax payments, making up for the fact that you don't have an employer to withhold your taxes over ...
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In fact, there is an additional Medicare tax rate of 0.9% when a self-employed individual earns above $200,000 (single). Generally, only 92.35% of the self-employment income is taxable at the above rates. Additionally, half of the self-employment tax, i.e., the employer-equivalent portion, is allowed as a deduction against income.
Being self-employed isn't always all it's cracked up to be, especially when it comes to taxes. Not only do you have to use a tax estimator to make estimated tax payments, you also don't have an...