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Deductions & credits
"These taxes will be 15.3% of your profit for the year."
That's slightly inaccurate. SE tax will generally be 15.3% of 92.35% of net profit because a portion of SE tax is considered to be the employer portion that reduces the amount of net profit. That means that SE tax is typically about 14.13% of net profit.
‎February 7, 2024
10:02 AM