- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Get your taxes done using TurboTax
This activity will require you to use a Schedule C on your tax return. You do not need to register with the state of Florida unless you wish to be a sole proprietor Limited Liability Corporation (LLC).
Below is the link to the Florida website to register to be a LLC if you choose to do so.
Schedule C net income (income less expenses) will be your taxable amount for self employment tax. Self employment net income tax is 15% (7.65% is personal tax; 7.65% is matched as a business deduction).
You may or may not owe tax federal income; but, you will always pay self employment tax unless you have a loss on your Schedule C.
I am giving you a link to test what your tax liability might be at the end of the year. You will be able to include your social security income in this tax projections.
https://turbotax.intuit.com/tax-tools/
Please look at a Schedule C and become acquainted with the categories to track during the year.
**Mark the post that answers your question by clicking on Mark as Best Answer
Thank you for using TurboTax community. Please give us a thumbs up if we helped you.