What is the self-employment tax rate?
An example of an AI chatbot conversation about self-employment tax rates and their implications.
What is the self-employment tax rate?
The self-employment tax rate is currently 15.3%, which includes Social Security and Medicare taxes.
How is the self-employment tax calculated?
It's calculated based on your net earnings from self-employment, typically reported on Schedule C.
Are there any deductions I can take to lower my self-employment tax?
Yes, you can deduct half of your self-employment tax when calculating your adjusted gross income.
What income level triggers the self-employment tax?
You must pay self-employment tax if your net earnings are $400 or more.
Can I pay my self-employment tax quarterly?
Yes, self-employed individuals often make estimated tax payments quarterly to cover their tax liabilities.
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