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.
Self Employment Tax. The self-employed are required to pay a self-employment tax. In 2009, the self-employment tax was 15.3 percent of the first $106,800 net earnings; all earnings $106,800 are taxed at 2.9 percent for Medicare.This tax is the Social Security and Medicare tax that is normally paid by employers.elf Employment Tax. The self-employed are required to pay a self-employment tax. In 2009, the self-employment tax was 15.3 percent of the first $106,800 net earnings; all earnings $106,800 are taxed at 2.9 percent for Medicare.