Wednesday, June 3, 2015

Going to be Paying Self-Employment Tax Again...

Thanks to a payment received tonight, my 2015 net income has already surpassed the $400 mark. I'll once again be paying self-employment tax (social security and medicare taxes) on the earnings from my art business. I see this as a good thing.

From the Self-Employment Tax page on the IRS site:
You must pay self-employment tax and file Schedule SE (Form 1040) if either of the following applies.
  • Your net earnings from self-employment (excluding church employee income) were $400 or more.
  • You had church employee income of $108.28 or more.

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