How The Self Employment Tax Works (And How You Can Avoid It!)

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Information How The Self Employment Tax Works (And How You Can Avoid It!)

Title	:	How The Self Employment Tax Works (And How You Can Avoid It!)
Lasting	:	12.21
Date of publication	:
Views	:	37 rb

You know what makes tax time SO MUCH easier? Tracking your income! (I use and recommend Personal Capital): br wwwoncashflowcom/pc
Comment from : On Cash Flow

How often do we need to pay fica taxes ? Self employed
Comment from : Jay N4GO

Is the 15 a flat rate regardless of income?
Comment from : JustTheVoice Backup!

Thank you! Super helpful
Comment from : Andrew Browning

What if ur employed and self employed will it be a problem?
Comment from : andrew bridge

Finally a video where it is explained in clear english
Comment from : Super Combo Magazine

When do i have to pay estimated quarterly tax? Or how do i know if I have to pay them? And will i get in trouble if i just pay it all at once when tax year comes around because my income is determined by how much I sell - business expenses? Thank you
Comment from : Alex Nguyen

what software is best for my self employment, to Calculate taxes for me each time I get paid?
Comment from : Randy Goad

So I can account for 50 of my se tax as a business expense which reduces my net income which reduces my se tax?
Comment from : BMVLifestyle

I recently started my own business, things have been a crazy worldwide i enjoy the amount of work i have but being 26 and not having any collage level education I find myself becoming easily stressed out by the desk work and red tape I've taught myself deasil mechanics, machining, milling, hydraulics, and welding But when the numbers and organization are needed I feel like the dumbest person on the planet I've been a physical worker my whole life and I believe my biggest weakness is how to properly organize everything Any suggestions for organizing things like cashflow, deductions, expenses, etc? Also wonderful video, im trying to learn tax info and this was a huge leg up! THANKYOU!
Comment from : joel burrelli

I know this is an old video, but does anyone know if you receive a 1099-k, do you still file a 1040SE?
Comment from : Baja Cowgirl

Why do you have a plant on the corner of your desk? 😅
Comment from : Age of Reason

Excellent video! brThank you very much for your hard work
Comment from : Aryana Smith

Good info, thanks I wasn't understanding why contributing to an IRA or SEP wasn't lowering my taxes owed
Comment from : ThinkerThunker

awesomeness!
Comment from : Always Green CBD oil

The whole time I am just worried that the poor plant will be knocked down D:
Comment from : Kiadaj Wildblood

Hey i have a few questions, do u have another social media we could msg on?
Comment from : Daniel W

Hi, I work as a food delivery and I use my own car I want to include gas expenses as deduction Can I do that? And how to provide the IRS with documentation to support me?
Comment from : Maryam Jaafar

What about state tax?
Comment from : Kay Cali

Thank you!
Comment from : America Diaz

I'm from germany The main reason i dont like self employemnt because of hasle that come with taxes
Comment from : aha

So basically it makes more sense to pay for a nice co-working space membership than to save the money and spend it on taxes, because you'll say goodbye to that money either way, so you'd might as well utilize it as an expense?
Comment from : Roti

That plant gave me more anxiety than any Netflix finale I've seen so far
Comment from : Roti

Algorithm algorithm algorithm algorithm algorithm
Comment from : Still Iraise

Can you reduce your SET with a SEP IRA?
Comment from : Keepit Real

Great info man, thanks!
Comment from : Will Werner

Sorry man, gave you a 👎 Your how to avoid portion of the video was like 30 seconds of "duh" and I'm betting most of us already know what you explained for the rest of the video
Comment from : CHLN Macabre

My man, this is helpful stuff Thank you
Comment from : DaChickenMan17

What if you elect to be taxed as an s-corp and take a salary? Isn't that a way to avoid self-employment tax!
Comment from : WilliamP

In 1 video, you answered 10 questions I couldn't find good answers for months Thank you
Comment from : Ahmad Jibawi

Thank you, very clear and informative 👍
Comment from : Ahmad Jibawi

Great video
Comment from : SinCity16_702

I suppose that is if you assume that you even must pay the tax anyway? If you are not a federal employee, i think that it does not apply to a person Maybe if a person will challenge this fact you may even avoid all of this in the first place?
Comment from : Don Paquette

My wife has done a large amount of work for my LLC, but has not been a paid employee up until this point If my spouse becomes employed officially, we wouldn’t have to pay the 6 FUTA tax, but we would still be paying the FICA? For some reason I was under the impression that that amount would be lessened, but it sounds like the previous self-employment tax would just be divided between the two of us
Comment from : PogueSquadron

i show a loss on paper can't get mortgage but I have amex plat since they go off gross total income but I am learning more money and paying less taxes
Comment from : BrettDuffy1992

Social Security and Medicare won't be there for me when I retire They barely take care of seniors now Taxation is theft in my opinion
Comment from : yojimbe1

Please help me with my question,how do I pay my taxes am self employed and I have itinwhen and how?thx
Comment from : Sure

As a self employed business is it possible I can set up quick books to deposit money to me through by business but set up to we’re it takes 153 percent each deposit to keep up with the quarterly pay
Comment from : Fresh

That plant is gonna get knocked over
Comment from : Orthodox Evans

Thank you!
Comment from : Karla Shoultz

Best way buy item sell for less with deductions making profit means big tax bill on your gross especially if u cross post
Comment from : Draco Jensei

I have a question on SE taxes Can we deduct car insurance, cellphone, toll tag, and meals on our taxes?
Comment from : Michael Hodges

Hey got a question If you qualify for Trader status and do m2m election and establish your trading business as sole prop… do you have to pay SE tax?
Comment from : Dedy Setiadi

How to avoid self employment tax as a Registered Nurse
Comment from : Dak Dur

Thank you!!!
Comment from : melissa s

If you don't pay into social security you won't get it when you retire So why not pay? So confusing
Comment from : Alona Lavalais

People say you don't have to file unless you make 400 or more a what? A week?
Comment from : Jordan Hansen

08:13 self-employment tax employer portion (half) is deductible from income taxes for self-employed persons
Comment from : Isida Karpuzi

By far the most coherent video on this subject
Comment from : Malaquias Alfaro

thumbs up thanks for the info man
Comment from : DeuceGenius

Great info, I’ll be back!
Comment from : Midwest Groundup

As a self employed person, is the money you pay yourself to live on as a draw throughout the year part of your deductible business expenses? or no?
Comment from : Lloyd Lee

Sooo If I work thru a company as a contractor I paid half and they pay half of the 12?? Cause ain't my business Is an App They will give me a 1099 Misc
Comment from : YAJAMALU 4 U @Yajama3

I'm on SSI in California so I'm a non filer Total SSI with the California SSP is just under 100000 month, less than 12000 a yr I have no Federal or State tax liability CA State income tax is 13 percent, so on 80000 net earnings, my tax liability will be around 10000 dollars ??
Comment from : Fred Hoelscher

So my gross earnings for 2021 as independent contractor is 100000 My standard mileage deduction is about 20000 That's the only deductions I claim So my net profit is 80000 153 percent SE tax is approximately 12500 The 10 percent Federal tax bracket that puts me in is about 8000 So if I understand correctly, with the 50 percent deduction of the employer part of my SE tax, about 60 dollars, my total Federal income tax should be 2000 give or take Does that sound close to being right?
Comment from : Fred Hoelscher

This makes me want to abolish the IRS
Comment from : Autonomous Underwater Vehicle

I’ve seen a couple places say you don’t need to file 2021 taxes if you had no income in 2020 Is this true for self employed taxes too? All of this confuses me so much
Comment from : milflover

I currently have two online 1099 jobs but only make about $11k a year from themdo I seriously have to pay self-employment taxes (153 before deductions) on this little amount?
Comment from : Daniel Rose

Very solid info to help navigate the tax maze! Thanks a lot!
Comment from : BFree in Jesus

Thank you
Comment from : Work at Home Online

Is there self employment tax on rental income from real estate owned by my LLC?
Comment from : h ytf

This was super helpful for me as I am working on growing my self-employment business! Thank you so much!
Comment from : Kayleen Bertrand

A SEP IRA contribution is a business deduction and would effective do this, is that correct?
Comment from : Cheryl Kindred

I was wondering if he would ever knock over that oddly placed plant
Comment from : Thunder Thumbz

10:03 is the main answer
Comment from : sovashadow

Zach, what’s your thought about the employer portion of FICA tax? If one’s starting salary/wage as well as any future raises or COLA adjustments already bake in the employer FICA portion, do employees really pay the full 154 (one half directly deducted on the pay stub, the other half indirectly through lower wages/salary)?
Comment from : D Moon