Discussion:Any exemption from self-employment tax for over 65 years old taxpayer
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Discussion Forum Index --> Tax Questions --> Any exemption from self-employment tax for over 65 years old taxpayer
| February 5, 2007 | |
| exemption from self-employment tax for over 65 years old taxpayer. taxpayers only income is from his business as a mechanic. no taxable income. but does have a net income from sch. c | |
| 8 February 2007 | |
| Soory. Fica and medicare tax have to be paid if the sched c income is over $400. | |
| February 8, 2007 | |
| Agree. Actually, it comes out to $433 ($433 x .9235 = $400). Age is not a factor for self-employment tax. | |
| 8 February 2007 | |
| Let's add this to the list of most misunderstood issues - or urban tax legends, whatever the correct thread is. | |
Death&Taxes (talk|edits) said: | 8 February 2007 |
| Along with there is a magic age after which you do not pay tax. | |
| 8 February 2007 | |
| I had a situation with a client where Social Security Administration determined that TP was not selfemployed (took care of grandkids and neighbors kids and got paid and reported in schedule C) and got a letter from IRS advising him to file amendments and get back self-employment tax paid for the last 3 years.
Leaned first hand that Social Security Administration has last word (after many phone calls) | |
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