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Submitted 433 days ago...

Ramperts

Ramperts

New User (1)

For 2008 mu husband earned 66,420. we are self employed. how much of this shoud be

Put aside just for social security and medicare

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Answer 1 / 1 - Submitted 432 days ago...

gobbledygouk

gobbledygouk

Contributor (127)

Is that the gross receipts or the net? Net income is after all the expenses are taken out on the Sch C. Is there any other income from W2s? That may change things on the Sch SE. Check out Schedule SE on the irs web page lines 10 & 11.

12.4% & 2.9% will be your self employment tax on line 57 of the 1040, based on the net. You get to adjust your income on the front of the 1040 by 50% of the SE tax.

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