MagicBuddy

What is self-employment tax and how does it work?

An example of an AI chatbot conversation about self-employment tax and its implications.

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You

What is self-employment tax and how does it work?

MagicBuddy
MagicBuddy

Self-employment tax is a tax consisting of Social Security and Medicare taxes primarily for individuals who work for themselves.

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You

How is the self-employment tax calculated?

MagicBuddy
MagicBuddy

It's calculated based on your net earnings from self-employment, which is generally 92.35% of your gross income.

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You

Are there any deductions I can take to lower my self-employment tax?

MagicBuddy
MagicBuddy

Yes, you can deduct business expenses, and half of your self-employment tax can also be deducted from your taxable income.

😀
You

When do I need to pay self-employment tax?

MagicBuddy
MagicBuddy

Self-employment tax is typically paid quarterly, along with your estimated income tax payments.

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What can MagicBuddy do?

Meet MagicBuddy 👋
The Friendly AI in Your Pocket

Powered by advanced language models trained on billions of online words and conversations, MagicBuddy delivers friendly and helpful chat on demand.

Ask questions and get answers. Crack jokes and get laughs. Or even get writing ideas and study help. MagicBuddy's conversational intelligence allows for a truly unique and useful chat experience.

Ask for the weather in New York and MagicBuddy will get real-time data.

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