| self-employment taxes |
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| Calculation Summary
Net farm income or loss NET_FARM_INCOME_OR_LOSS
Net business income or loss NET_BUSINESS_INCOME_OR_LOSS
Self-employment income subject to self-employment taxesThis is calculated as TAX_FACTOR times your net farm and business income. If the total is less than SELF_EMPLOYMENT_MINIMUM you do not owe any self-employment taxes on this income. SELF_EMPLOYMENT_INCOME
Church employee income CHURCH_EMPLOYEE_INCOME
Church employee income subject to self-employment taxesThis is calculated as TAX_FACTOR times your church employee income. If this amount is less than CHURCH_EMPLOYMENT_MINIMUM you do not owe any self-employment taxes on this income. NET_CHURCH_EMPLOYEE_INCOME
Total income subject to self-employment taxes TAXABLE_AMOUNT
Employer paid income with FICA withheldIncome up to FICA_MAXIMUM is subject to FICA taxes. Your employment wages and tips should have a SOCIAL_SECURITY_CURRENT_RATE deduction for FICA from your pay, which is matched with a SOCIAL_SECURITY_CURRENT_RATE payment from your employer. If your total wages, tips and self-employment income exceed FICA_MAXIMUM you only owe social security on the difference between your self-employment income and FICA_MAXIMUM. If your total employment wages and tips exceeds FICA_MAXIMUM you will not owe any additional social security taxes for the year. EMPLOYER_PAID_INCOME
Medicare tax (MEDICARE_CURRENT_RATE2) MEDICARE_TAX
FICA tax (SOCIAL_SECURITY_CURRENT_RATE2) FICA_TAX
Total self-employment taxes TOTAL_TAXES
Tax deductible portion ONE_HALF_TAXES |
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