Re: Payroll question

Posted by Tom in TN on February 16, 2012 at 10:06:46 from (75.252.94.57):

In Reply to: Re: Payroll question posted by rrlund on February 16, 2012 at 09:59:20:

rrlund,

The tax withholding reduction does not apply to self-employed people. You are required to submit 12.4% (6.2% twice) of your earnings for Social Security Tax plus 2.9% for Medicare Tax (1.45% twice) for a total of 15.3% of your earnings just for Social Security and Medicare tax.

This doesn't even begin to address your Federal Income Tax, but you do get to deduct a portion of what you paid for SS and Medicare Tax from your gross income for computing your Adjusted Gross Income for Federal Income Tax purposes.

Fun, eh?

Tom in TN

Replies:

• Re: Payroll question rrlund 10:57:21 02/16/12 (0)

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