Retirement tax questions

@zoeliu916 

 

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.*