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FICA and selfemployed

Submitted by jml57@zoomtown.com on 22 May 2008 - 8:23pm

My FICA taxes for self-employed are computed at about twice what I actually pay. they are computed at about 22%.

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Submitted by jml57@zoomtown.com on 31 May 2008 - 7:43pm.
1

Is there any way to compensate for this. Or help me to know how to figure this out?

I take the amount paid by employer and multiply by 7.65 percent
I take the self-employed amount and multiply by 15.3%.

The total come out about $3000 less than that shown by excell report on taxes.

Why?

Submitted by Dick Munroe on 1 June 2008 - 12:27pm.
2

hsudavidmorgan at yahoo.c wrote:Is there any way to compensate for this. Or help me to know how to figure this out?

I take the amount paid by employer and multiply by 7.65 percent
I take the self-employed amount and multiply by 15.3%.

The total come out about $3000 less than that shown by excell report on taxes.

Why?
I believe there is an additional 1.45% for Medicare that has to be added to the 15.3%.

Best,

Dick Munroe

Submitted by kwynne52@verizon.net on 18 June 2008 - 2:18pm.
3

I have self employment income of $200,000 for the next several years. The program shows FICA as follows:

2008 - $12,000
2009 - $18,904
2010 and after - over $41,000

Why is that?

Submitted by Dick Munroe on 19 June 2008 - 8:53am.
4

raherndon at qwestoffice. wrote:I have self employment income of $200,000 for the next several years. The program shows FICA as follows:

2008 - $12,000
2009 - $18,904
2010 and after - over $41,000

Why is that?
Good question, I'll put it on the list and check it out.

Best,

Dick Munroe

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