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Digg it UP - U.S. Federal Income Tax: Self Employment & Paying Self Employment Tax
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According to the IRS you are self-employed if any of these apply to you:
- You carry on a trade or business as a sole proprietor;
- You are a member of
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The Self Employment (SE) Tax is similar to these aforementioned taxes except that they are for self employed individuals and are imposed on self employed earnings. It allows those who are self employed to be eligible for these benefits later in life, just as an employee is.
The current rate for self employment tax is 15.3%. That percentage is broken down into two (2) parts: 12.4% is for Social Security and 2.9% is for Medicare. Even if you are receiving Social Security or Medicare benefits and no matter your age you are still responsible for the self employment tax.
In order to determine if you are responsible for this tax you must first know if you are considered self employed by the IRS. What exactly qualifies a person as self employed to the IRS you may ask?
According to the IRS you are self-employed if any of these apply to you:
- You carry on a trade or business as a sole proprietor;
- You are a member of a
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The Self Employment (SE) Tax is similar to these aforementioned taxes except that they are for self employed individuals and are imposed on self employed earnings. It allows those who are self employed to be eligible for these benefits later in life, just as an employee is.
The current rate for self employment tax is 15.3%. That percentage is broken down into two (2) parts: 12.4% is for Social Security and 2.9% is for Medicare. Even if you are receiving Social Security or Medicare benefits and no matter your age you are still responsible for the self employment tax.
In order to determine if you are responsible for this tax you must first know if you are considered self employed by the IRS. What exactly qualifies a person as self employed to the IRS you may ask?
According to the IRS you are self-employed if any of these apply to you:
- You carry on a trade or business as a sole proprietor;
- You are a member of
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The current rate for self employment tax is 15.3%. That percentage is broken down into two (2) parts: 12.4% is for Social Security and 2.9% is for Medicare. Even if you are receiving Social Security or Medicare benefits and no matter your age you are still responsible for the self employment tax.
In order to determine if you are responsible for this tax you must first know if you are considered self employed by the IRS. What exactly qualifies a person as self employed to the IRS you may ask?
According to the IRS you are self-employed if any of these apply to you:
- You carry on a trade or business as a sole proprietor;
- You are a member of
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In order to determine if you are responsible for this tax you must first know if you are considered self employed by the IRS. What exactly qualifies a person as self employed to the IRS you may ask?
According to the IRS you are self-employed if any of these apply to you:
- You carry on a trade or business as a sole proprietor;
- You are a member of
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According to the IRS you are self-employed if any of these apply to you:
- You carry on a trade or business as a sole proprietor;
- You are a member of a partnership or limited liability company that files a Form 1065, U.S. Return of Partnership that carries on a trade or business; or
- You are otherwise in business for yourself. (Examples: Independent Contractor, Direct Sales, etc.)
- You have a part-time business, in addition to your regular job.
For more information on whether or not you are considered self employed, visit the following link.
Ok, you have determined that you are in fact considered self employed by the IRS. Now, how do you know if you are required to pay the Self Employment Tax?
If you had net earnings of $400 or more in the year, or if you had church employee income of $108.28 or more, you are required to pay the self employment tax on those earnings.
How to pay the tax is the next thing you should know. In order to pay self employment taxes you must have one (1) of the following:
- A social security number or
- An Individual Taxpayer Identification Number (ITIN)
Since income tax is a pay as yo
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