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Retirement tax questions
Don't know why you have a refund. Do you have other income like a W2 with tax withholding? Yes you do get to take off the 50% ER portion of the SE tax as an adjustment on 1040 Schedule 1 line 15 which flows to 1040 line 10. It won't affect your SS credit.
On your Schedule C profit you are paying both parts (the employer and employee) of the self employment tax.
The self employment tax is 15.3% for……
SS for employer 6.2% (up to 160,200 wages & profit)
SS for employee 6.2% (up to 160,200 wages & profit)
Medicare for employer 1.45% (on all wages & profit, no max)
Medicare for employee 1.45% (on all wages & profit, no max)
January 28, 2024
9:34 PM