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I've already paid my annual state business tax of $1071.38 for 2016. Why do I have to pay self employment tax? or are they the same?
First year in business and only made $11645.
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June 5, 2019
12:02 PM
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Get your taxes done using TurboTax
They are not the same. SE tax is like Social Security - where you are both the employer and the employee. I assume the "state business tax" you mention is your state income tax on your earnings.
June 5, 2019
12:02 PM
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Get your taxes done using TurboTax
self employment tax is your self paid social security tax. You have to pay it.
June 5, 2019
12:02 PM
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Get your taxes done using TurboTax
Yeah I figured as much. Thank you both for taking the time to reply! Happy Spring!
June 5, 2019
12:02 PM