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.
But self-employed people must report their earnings and pay their taxes directly to IRS.Youâre self-employed if you operate a trade, business or profession, either by yourself or as a partner. You report your earnings for Social Security when you file your federal income tax return.aying Social Security and Medicare taxes Currently, you and your employer each pay a 6.2 percent Social Security tax on up to $118,500 of your earnings and a 1.45 percent Medicare tax on all earnings.