502241
You'll need to sign in or create an account to connect with an expert.
No, you cannot avoid the Self-Employment taxes. All income that one receives for any services provided is income which is subject to employment taxes of FICA and Medicare. Typically, the employee pays 1/2 of the employment taxes and the employer pays the other 1/2. But, when you are doing the work on a contractor type basis and receive a 1099 MISC, none of the employment taxes has been paid, therefore the "self-employment taxes" (SE Tax) will be added to your taxes due for the year. TurboTax reports this SE tax on Schedule SE and also calculate the deduction that goes along with it.
No, you cannot avoid the Self-Employment taxes. All income that one receives for any services provided is income which is subject to employment taxes of FICA and Medicare. Typically, the employee pays 1/2 of the employment taxes and the employer pays the other 1/2. But, when you are doing the work on a contractor type basis and receive a 1099 MISC, none of the employment taxes has been paid, therefore the "self-employment taxes" (SE Tax) will be added to your taxes due for the year. TurboTax reports this SE tax on Schedule SE and also calculate the deduction that goes along with it.
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
saminick
New Member
karleathafelton2
New Member
elise
New Member
eleellee
New Member
shmegiz
New Member