17 Aug '11, 1am

5 Crucial Things You Need To Know About Self-Employment Tax

5 Crucial Things You Need To Know About Self-Employment Tax

5 Crucial Things You Need To Know About Self-Employment Tax Posted by Contributor on 8/17/11 • Categorized as Professionalisms by Steven Aldrich, CEO of Outright Self-employment tax is a mystery to most new small business owners. In fact, when you first hang out your shingle, it can be confounding to find out that there is even such thing as “self-employment tax”. But, in a nutshell, self-employment tax makes up for the fact that you are not contributing to social security and Medicare through an employer. Here are a few more essentials of self-employment tax for the new small business owner: 1. Self-employment tax is calculated on the “net earnings” from self-employment, that means your revenue less business expenses. 2. Self-employment tax is computed and paid as part of your annual individual tax return. Generally you will use Schedule SE with your individual form 1040 ...

Full article: http://www.youngupstarts.com/2011/08/17/5-crucial-things-...

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