How do I pay self employment tax?
These are useful and collceted by Anne!
Question: How do I pay self employment tax?
I just got paid 42. My first check for my new office cleaning business here in Texas.
My question is, how do I know how much self employment tax I owe? How do I pay it, and do I have to do so quarterly? If so, does that mean it is due right now?
I am pretty stupid when it comes to this kind of stuff, so please simplify it for me.
All answers are appreciated!
ANSWER:
Answer by Jeremy
I can’t answer all your questions but the rule is this. If you make more then 0(from self employment) in a year you have to file taxes. You need to go to a tax specialist because you may have to pay some now.
http://www.hrblock.com/
Go there and find your local office. Then give them a call. They will answer any questions you have.
Answer by Max Hoopla
Report the income on Form 1040 Schedule C or C-EZ and on Schedule SE
Know better? Leave your own answer in the comments!
