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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.
Add up all your sales. The difference between these two numbers is income and is taxable, exactly as other income is taxable. You are actually self-employed, running a small business. As a self-employed individual, you can set up retirement accounts, and do all the other things any self-employed person can do.But, you also pay taxes, not just income taxes, FICA, and medicare taxes, but also the employer share of FICA and medicare taxes.Granted, it probably seems easiest to just ignore all of this, but the law is the law, and most of us want to pay our fair share.ut, you also pay taxes, not just income taxes, FICA, and medicare taxes, but also the employer share of FICA and medicare taxes. Granted, it probably seems easiest to just ignore all of this, but the law is the law, and most of us want to pay our fair share.