[scollins]

Originally Posted by darkcloud

If you're self-employed I don't think you have to pay S.S. Tax. I'll have to double check when I have my forms in front of me later but I don't think I had anything that paid S.S. directly. Unless my payments to the IRS had S.S. tax rolled into the amount and I don't even know?

Personally I hate S.S. tax. I remember getting my first paychecks when I was 14 or 15 and having like a solid $40-60 taken for S.S., that fucking blew. I wanted to go around and kick old people in the junk for stealing my monies haha, jk

Dude, as a self-employed individual, you get DOUBLE FISTED! SS Tax is really 15.3%, but for those that work for an employer (ie you receive a W2 each year), you split that tax with the employer. In other words, your employer pays 7.65% and you pay 7.65%. That total is really broken into two parts: 12.4% for SS and 2.9% for Medicare. The SS portion is capped at $97,500 of AGI, but the Medicare portion is not.

Now, as a self-employed individual, guess what, you get to pay the ENTIRE 15.3%!!! The money is paid directly to the IRS, and it is called "Self Employement Tax." It is line 58 on Form 1040, and you file Schedule SE to figure the tax.

So, you are getting it worse than us schlubbs who work for a company. :sad0147: