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Is interest earned on a sch C business subject to employment tax? 1099-INT has the business EIN. If not, where is it entered instead of Other Income on Schedule C?
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Is interest earned on a sch C business subject to employment tax? 1099-INT has the business EIN. If not, where is it entered instead of Other Income on Schedule C?
Yes, it's subject to self-employment tax since it's income received by the business, and it's entered as Other Income on Schedule C..
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Is interest earned on a sch C business subject to employment tax? 1099-INT has the business EIN. If not, where is it entered instead of Other Income on Schedule C?
Even if the interest was bank interest? Just clarifying since I forgot to add that information in my question.
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Is interest earned on a sch C business subject to employment tax? 1099-INT has the business EIN. If not, where is it entered instead of Other Income on Schedule C?
Thank you for clarifying, it does make a difference and I should've asked. Interest income from bank accounts isn't generally considered business income for a sole proprietor. You should just report this as your personal interest income, on Schedule B. Sorry if I misled you.
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Is interest earned on a sch C business subject to employment tax? 1099-INT has the business EIN. If not, where is it entered instead of Other Income on Schedule C?
Thanks for the answer. Sorry I didn't provide all the info at first.