How do I calculate my self-employment taxes?
An example of an AI chatbot conversation about calculating self-employment taxes.
How do I calculate my self-employment taxes?
To calculate your self-employment taxes, you'll need to determine your net earnings from self-employment. This is typically 92.35% of your gross income.
What percentage do I need to pay for self-employment tax?
The self-employment tax rate is 15.3%, which includes 12.4% for Social Security and 2.9% for Medicare.
Are there any deductions I can take to lower my self-employment tax?
Yes, you can deduct business expenses, half of your self-employment tax, and contributions to retirement plans.
How do I report my self-employment income?
You report your self-employment income on Schedule C (Form 1040) and calculate your self-employment tax using Schedule SE.
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