Welcome to TaxOffices.org
TaxOffices.org is a Free Service providing general tax information and location of your nearest IRS and State tax offices. Your local Tax office is ready to help if you need to resolve a tax problem, have questions about how the tax law applies to your individual tax return, or you’re more comfortable talking with someone face-to-face. This is not a government website. If you have questions on your taxes it is always best to consult a certified tax accountant.
Self Employment Tax
According to the IRS, before you can determine if you are subject to self-employment tax and income tax, you must figure your net profit or net loss from your business. You do this by subtracting your business expenses from your business income. If your expenses are more than your income, the difference is a net loss. If your expenses are less than your income, the difference is net profit and becomes part of your income. Self-employed individuals generally must pay self-employment tax (SE tax) as well as income tax. In some situations your loss may be limited. As a self-employed individual, generally you are required to file an annual return and pay estimated tax quarterly. SE tax is a Social Security and Medicare tax primarily for individuals who work for themselves. It is similar to the Social Security and Medicare taxes withheld from the pay of most wage earners.
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DISCLAIMER: This site is NOT affiliated with any government sites or agencies, this site is for informational purposes only. If you have questions or issues about your taxes it’s always best you contact your Local Tax or IRS Office.