Prior to Nov,1, 2003 the per diem rate for meals was 65% of $40 per day.After Nov,1, 2003 the rate increased to 70% of $41 per day.The deductible portion of food or beverage expenses gradually increases for individuals during, or incident to, the period of duty away from home and subject to the hours of service limitations of the Department of Transportation (Â§ 274(n)(3)).fter Nov,1, 2003 the rate increased to 70% of $41 per day. The deductible portion of food or beverage expenses gradually increases for individuals during, or incident to, the period of duty away from home and subject to the hours of service limitations of the Department of Transportation (Â§ 274(n)(3)).
You pay your self-employment tax when you pay the rest of your taxes. Self-employment tax is reported on your Form 1040. You can use Schedule C to figure out your net earnings if you are a sole proprietorship or LLC, or you can use your business tax return to figure your net earnings if you are a S-Corp.
For 2015, the self-employment tax rate is 15.3 percent. The rate is divided into two parts: 12.4 percent for social security and 2.9 percent for Medicare. But as a self-employed individual, you are considered both the employer and the employee, which makes the entire self-employment tax burden yours.