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Self employed
@RodEgby , under current laws, tips are treated as ordinary & active income. So on your schedule-C, you show this as gross income. TurboTax will walk you through filling out the Schedule-C. Note that the net income from Schedule-C will trigger filing of Schedule -SE and therefore the SECA tax ( this is the equivalent of FICA taxes paid by wage earners except it is at 15.3% of the income --- Social Security and Medicare tax and because you have no employer to share with ).
Does this make sense ? Is there more I can do for you ?
‎February 16, 2025
4:17 PM