Is self-employment tax included as net income tax liability?
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Question: Is self-employment tax included as net income tax liability?
I only have income from self-employment and that seems to have affected by recovery rebate credit.
ANSWER:
Answer by the tax lady
The RRC is the income LESS the 1/2 of SE tax.
So to qualify, you had to have at least 00 of income.
Answer by Robert
Income from self employment is taxable, just as income from an employer is. You can deduct business expenses from your self-employment income to get the taxable amount.
Self-employed people also need to pay Social Security and Medicare tax when they file their tax returns.
If your self-employment income is above a certain limit, you need to file quarterly reports with the IRS.
Answer by Wayne Z
Self-employment tax does not count as income tax for the purposes of the recovery rebate credit.
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