Help with Social Security Taxes question?

Question

My husband doesn't have taxes taken from his wages. I was able to figure out what we need to pay in for federal taxes but how can I figure out if I am required to pay in social security taxes and how much. Any help would be appreciated.

Answer 1

The first answer is good. Now for the boring technical bit. Once you have correctly completed Schedule C (details of self-employment income) you fill in Schedule SE. It's not hard once you've done the C. Do not forget to include half of the SE tax as a deduction on the front of the 1040. The actual percentage, btw, is 15.3%

Answer 2

How about a short answer?

The amount on the Schedule SE is the Social Security and Medicare for his taxable self-employment income. That's what it's in the mix for. Keeps people from filing federal tax forms and Social Security tax and Medicare tax forms to different offices. Much less confusing, that way.

Answer 3

If he is getting paid as a 1099, then he will owe the full amount of SS, which is 15%. Depending on the wages, you are also supposed to be filing quarterly.

There is really no benefit to being a 1099 for an employee unless they are their own business. A 1099 should be using his own tools, setting his own hours and getting the job done but he isn't considered an employee, he's an independent contractor. If that is not what he is, you are getting ripped off by the employer and I'd narc them out to the IRS for misclassifying him. It saves the employer a lot of money to call someone a 1099 instead of a regular employee.

Answer 4

If his income is from self-employment, then fill out schedule SE to calculate the self-employment taxes for social security and medicare. It's 15.3% of 90-some% of his net income.