Ocean Isle Beach Clerk. Find Ocean Isle Beach North Carolina clerk, including county, city, and circuit clerk, and clerk of court.
When figuring self-employment tax you owe, you get to reduce self-employment income by half of the self-employment tax before applying the tax rate. Say, for example, that your net self-employment income is $50,000. That's the amount you report as taxable for income tax purposes on Form 1040. But when figuring your self-employment tax on Schedule SE, Computation of Social Security Self-Employment Tax, the taxable amount is $46,175. Not paying the 15.3 percent tax on $3,225 difference in this example saves you $493.
However, you are entitled to deduct half of these taxes from your gross income for purposes of calculating your income tax. To report and pay self-employment taxes, you must file IRS Form SE, Self-Employment Tax, along with your annual tax return.ven if you have a salaried job, and Social Security and Medicare are deducted from your paycheck, you still have to pay those taxes on amounts you earn from the eBay business you run in your spare time. Employment taxes.