Pay Self Employment Tax Online
April 18th, 2007
If you're new here, you may want to subscribe to my RSS feed. Thanks for visiting!
Question: Tax questions please help with turbotax?
I’m filing my 2008 taxes online. When I went through my accountant there was a form 1040 that I did with him. TurboTax.com doesn’t give me a 1040, it just has General Business Income. My profit earning was about $5000 and I paid like $600 to the IRS.
I put my income in as $7000 for year and it says I owe $125. Dont’ I owe 15% for Social Security or other self employment tax???
Answer: You may not owe any federal income tax. You will owe SE tax at 15.3%, which for $5000 income is $765.
You will report your income and expenses on schedule C or C-EZ (Form 1040). Then you put net income (or loss) on line 12 of Form 1040. This income is subject to SE tax at 15.3% (this is shown on line 57 of Form 1040). Half of SE tax is deductible on line 27 of Form 1040.
Governor Proposes "Responsibly Conservative" Budget
Delivering his fourth State of the State address to a joint session of the Idaho Legislature today, Governor "Butch" Otter proposed what he called a "responsibly conservative" budget and urged the State
Self Employment Tax Tips : Should or Must for Self Employment Tax
Posted in 
Tags: