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Why is there self employment tax , we are on social sec. ? Thanks, Ed
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Why is there self employment tax , we are on social sec. ? Thanks, Ed
Unfortunately, self-employment tax is charged on all income from self-employment (income reported on Form 1099-MISC in box 7 is considered an item of self-employment income and net income from a trade or business) regardless of whether the person who earned the income is also a recipient of social security.
Self-employment tax is 15.3% of the income from self-employment. This is the amount on line 12 of Form 1040.
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Why is there self employment tax , we are on social sec. ? Thanks, Ed
Unfortunately, self-employment tax is charged on all income from self-employment (income reported on Form 1099-MISC in box 7 is considered an item of self-employment income and net income from a trade or business) regardless of whether the person who earned the income is also a recipient of social security.
Self-employment tax is 15.3% of the income from self-employment. This is the amount on line 12 of Form 1040.
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