Yes
Posted By: Happy MT Robin on 2009-04-30
In Reply to: IC SS taxes - LissyLou
As an IC you are responsible for both the employer and the employee portion of the SS taxes. You then deduct the employer portion on your 1040 at the end of the year, but you must at least pay it throughout the year. If you have an employee job and an IC job, you can have the employee job take out extra $$ to cover it so you don't have to do the monthly or quarterly payment to the feds. You do, however, have to account for it at the end of the year.
Complete Discussion Below:  marks the location of current message within thread
The messages you are viewing
are archived/old.
To view latest messages and participate in discussions, select
the boards given in left menu
Other related messages found in our database
|
