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Frequently Asked Questions

What is the tax amount for self employment?

This tax paid by self-employed individuals is known as the SECA, or more simply, the self-employment tax. The total self-employment tax is 15.3% of your net earnings and consists of two parts. The first part is Social Security at 12.4%. The law sets a maximum amount of net earnings that is subject to the Social Security tax.

Who owes self employment tax?

Who owes self-employment tax? Anyone who files a Schedule C as part of their personal tax return (1040). This includes single-member LLCs, the most misunderstood entity structure. You need to have a net profit to owe self-employment taxes. Anyone who is an active partner in a partnership.


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