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What is the Medicare tax rate for self employment?

I thought my quartly taxes were 15.3% medicare PLUS whatever my income tax would be but the rep. are IRS said that if I just multiply my income times 15.3% that should cover all of my taxes, income and medicare due on my income. Concerned that she may have been wrong I called and spoke with a different IRS agent who told me the exact same thing. Is that right?

My self employment income gross was $25,000. I'm looking at roughly $11,000 is deductions.

If your business profit is $14K, you would owe SE tax of $1,978 ($14K x .9235 x .153). That assumes you did not have W-2 wages in which you maxed out on social security.

The regular income tax is still impossible to say, as much more information would be needed. If the $14K profit is the entire income in the househould, and you file MFJ there would be no regular income tax owed.

Could be, but without knowing what your income is, it's not possible to say.

If you're single and your net income from the business is less than $8,750 there won't be any income tax but there will be Self-Employment tax if the net income from the business is more than $400.

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