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Self Employment Tax

Tue, 03/19/2013 - 10:23 -- tgcadmin

Self-employment tax is the social security and Medicare tax for people who work for themselves. When an individual pays self-employment tax, they are contributing to their coverage under the social security system. This differs from wage earners who have social security taxes taken from their wages. An individual must pay self-employment tax if: 1) the net earnings from self-employment are $400 or more OR 2) Services are performed for a church as an employee and $108.28 or more is received.

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