Posted by Tom in TN on February 16, 2012 at 10:06:46 from (75.252.94.57):
In Reply to: Re: Payroll question posted by rrlund on February 16, 2012 at 09:59:20:
rrlund,
The tax withholding reduction does not apply to self-employed people. You are required to submit 12.4% (6.2% twice) of your earnings for Social Security Tax plus 2.9% for Medicare Tax (1.45% twice) for a total of 15.3% of your earnings just for Social Security and Medicare tax.
This doesn't even begin to address your Federal Income Tax, but you do get to deduct a portion of what you paid for SS and Medicare Tax from your gross income for computing your Adjusted Gross Income for Federal Income Tax purposes.
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Today's Featured Article - The Day Mom Drove the 8N - by Brian Browning. My Dad was wanting to put in a garden but couldn't operate the 8N and handle the old horse drawn plow he had found and rigged up to use with the tractor. Well, he decided to go get Mom out of the house and have her drive the tractor while he walked behind the plow. You got to understand that while my Mom is a hard worker who will always help whenever she can... she had never operated farm machinery before that day. Dad got her out there, explained how the clutch was the same as in our o
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