All self-employed people who show a profit must pay at least some Self-Employment Tax. This video dives into what the tax is, who must pay it, and how the tax is calculated.

2024 UPDATE:

The maximum amount of net self-employment income subject to the Social Security portion of the Self-Employment Tax is $168,600 for 2024.


Video resources:

IRS Publication 334: "Small Business Tax Guide": [ Ссылка ]

IRS Schedule SE: "Self Employment Tax": [ Ссылка ]

For an overview of self employment as it relates to taxes, click here: [ Ссылка ]

The Tax Geek on The Site Formerly Known as Twitter: @taxgeekusa

Intro and background music: “Bluesy Vibes” - Doug Maxwell - YouTube Audio Library

DISCLAIMER:

The information presented in this video is for informational and educational purposes only, and is not intended to render tax advice for specific situations. If you have questions about your specific tax situation, please consult the resources linked above or consult with a qualified tax professional in your community.

The information contained in this video is based on tax law and IRS regulations as of the date of publication, and may be subject to change.

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