0

Currently, I am self employed and I am going to file tax with my spouse. I have below questions on self employment tax.

  1. Do I need to pay 15.3 percent social and medicare self employment tax before or after 25% of self employment contribution?
  2. I need to pay self employment tax (15.3%) and federal tax (22%). Do I need to pay state tax apart from this one?
  3. My spouse has insurance and invested in HSA. Can I contribute to HSA as well?
Improve this question
3
  • 2
    "Do I need to pay state tax apart from this one?" Only if your state has an income tax and you meet the income threshold. – RonJohn Dec 26 '19 at 17:23
  • By “self-employment contribution”, do you mean a contribution to a retirement account? If so, can you be more specific about the type of retirement plan? – prl Dec 26 '19 at 17:56
  • 1
    The best way to answer this would be to just read the instructions for Schedule C and SE. – jamesqf Dec 26 '19 at 18:52
0
  • The State tax would be 100 multiplied by .028 to get $2.8
  • The Federal Tax would be 100 multiplied by .0996 to get $9.96
  • The self employment tax would be 100 multiplied by .1413 to get $14.13
  • The sep contribution would be 100 -(14.13/2) multiplied by .16667 to get $15.47
Improve this answer

Your Answer

By clicking “Post Your Answer”, you agree to our terms of service, privacy policy and cookie policy

Not the answer you're looking for? Browse other questions tagged or ask your own question.