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taxnewb
January 24, 2018

Self-Employed Tax Question - IRS Threshold

  • January 24, 2018
  • 1 reply
  • 0 views

Hey everyone - this is my first post  and I'm not really sure if we're allowed to ask specific tax questions, but figured I'd give it a shot.

 

It's probably a dumb question, but if I ended up with $700 in net income this year (my first), would I pay the 15% SE tax on the whole $700, or just on the $300 that's above the $400 IRS threshold? Hope that made sense.  Thanks!

 

 

(Title edited by moderator for clarity)

      1 reply

      EmilyCowan
      EmilyCowan
      January 25, 2018

      @taxnewb, welcome to QB Community! There are no dumb questions, and I hope you'll find lots of support and inspiration here. 

       

      Our 2017 Self-Employment Tax Calculator might be a good place to start. Also check out Tax Bootcamp for the Self-Employed, a presentation from last November's QuickBooks Connect event in San Jose, CA.

       

      If you are a QuickBooks SE customer, @js955 may be able to offer some guidance as well. 

       

      Let me know if that helps!

        T
        taxnewbAuthor
        January 26, 2018

        Thanks Emily -

         I figured out the SE tax question from the irs website but I appreciate your help, as well as  letting me know there are no dumb questions :).  

         

        I have the 2017 QB desktop version but in all honesty it's really, really confusing and overwhelming. For 2017 I'm still going to rely on paper, pencil, and the irs website.

         

        Thanks again for your help and encouragement.

          EmilyCowan
          EmilyCowan
          February 3, 2018

          Thanks for your feedback, @taxnewb. Let me know how it goes with the old-school approach (and if you have any questions, you can't go wrong by consulting a tax professional).

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