money blog

Anne edited the following
Question: What is the self employment tax if wages are less than the standard deduction?
Say if I had wages of 00 and SE income of 00 and i have 0 dollars worth of SE tax I need to pay, would that be covered by the standard deduction? It doesn’t seem fair that I made less than 50 and still need to pay 0 SE tax minus the with-holdings on my W2

Read the rest of this entry →

Hi,my name is Anne,I did the following:
Question: Do you have to pay a self employment tax if you take no wages from your business?
I am researching for a future small home business. My husband is able to take care of all home finances so taking a salary for the first few years is not necessary. I plan to put every penny of revenue into improving my business and upgrades. Since I won’t be taking any wages, would I still be liable for the self employment tax? Is not taking wages even an option?

Read the rest of this entry →