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Retirement tax questions
If you have self-employment income, then the SS & Medicare tax at just over 15% of line 3 on your Schedule 1?
That tax is applied, and mut be included....all before your Std Deduction/or itemized deductions, are applied, and then the regular income tax is calculated.
Thus, the "effective" tax rate can end up being a screwy number.
____________*Answers are correct to the best of my knowledge when posted, but should not be considered to be legal or official tax advice.*
‎February 21, 2025
4:07 AM