If you are a sole proprietor, a partner in a partnership, an independent contractor, freelancer, or otherwise make money on your own, you are considered self-employed by the IRS and you have a self-employed tax liability if you had net earnings greater than $400 from self-employment. Net earnings are the gross income you generated through self-employment minus ordinary and necessary business expenses. If you make less than $105,577, your net earnings subject to self-employment tax is 92.35% of your net earnings from self-employment.
Self-Employed Tax Liability
Posted by mirsbblogger under TaxesFrom http://smallbusiness.uprinting.com 4958 days ago
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