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1099-Misc question. how does medicare and Social Security get paid.
We received a 1099-Misc for work my wife did with a travel agent. Since nothing was taken out of the pay when she received it, how does social security and medicare get paid?
I was expecting TurboTax to tell to me to pay them, but I don't see that happening. I do see when I enter the 1099-Misc, my refund gets reduced, so it's taking some money out for taxes I'm assuming, does that include payments into medicare and social security?
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posted
June 6, 2019
12:40 PM
last updated
June 06, 2019
12:40 PM
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1099-Misc question. how does medicare and Social Security get paid.
For self-employment income where there is a net profit you will have Self-Employment taxes owed and reported on a Schedule SE. The self-employment taxes are both the employer and employee taxes for Social Security and Medicare.
One-half of the SE taxes are deductible and are entered as an Adjustment to Income on Form 1040 Line 27 from Schedule SE
One-half of the SE taxes are deductible and are entered as an Adjustment to Income on Form 1040 Line 27 from Schedule SE
June 6, 2019
12:40 PM
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