1879018
You'll need to sign in or create an account to connect with an expert.
If your self-employment income is $400 or more you are required to file a tax return.
Even if your income is low and you don't owe any regular income tax on it you still owe self employment tax.
Self Employment tax (Scheduled SE) is automatically generated if a person has $400 or more of net profit from self-employment. You pay 15.3% SE tax on 92.35% of your Net Profit (If it is greater than $400). The 15.3% self employed SE Tax is to pay both the employer part and employee part of Social Security and Medicare. So you get social security credit for it when you retire.
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.
cherylnaamani
New Member
swick
Returning Member
RobertBurns
New Member
user17521789697
New Member
CI Guy
Level 2