What is self-employment tax?
An example of an AI chatbot conversation about self-employment tax and its implications.
What is self-employment tax?
Self-employment tax is a tax that self-employed individuals pay to cover Social Security and Medicare taxes.
How is self-employment tax calculated?
It's calculated based on your net earnings from self-employment, typically using Schedule SE on your tax return.
Are there any deductions I can take to lower my self-employment tax?
Yes, you can deduct business expenses, and you can also deduct half of your self-employment tax when calculating your adjusted gross income.
What is the current self-employment tax rate?
The self-employment tax rate is currently 15.3%, which includes 12.4% for Social Security and 2.9% for Medicare.
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