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.
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