I am self employed. My W2 reflects my personal taxes but not taxes paid for self employment FICA, is it tax deductible?
The medicare and social security taxes withheld in a W-2 are not deductible. When you pay self-employment tax as a result of self-employment, half of the tax is deductible (but not on Schedule C, as a deduction for regular income tax purposes).
I am self employed. My W2 reflects my personal taxes but not taxes paid for self employment FICA, is it tax deductible?
The medicare and social security taxes withheld in a W-2 are not deductible. When you pay self-employment tax as a result of self-employment, half of the tax is deductible (but not on Schedule C, as a deduction for regular income tax purposes).
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