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How much self employment tax would i owe on 10,000.00 net income
I paid mt son approx. 10,000.00 last year while he was in an apprentice training program if I 1099 him what will his self employment tax be \? And can I still claim him as a dependent he was 20 last year
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May 31, 2019
8:39 PM
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Get your taxes done using TurboTax
Your son would report the $10K of income in your example and then deduct any expenses (tools, materials, etc)he incurred to earn this income.
The net profit is then subject to Self-Employment (SE)Tax. The SE rate for 2016 is 15.3%
May 31, 2019
8:39 PM