GoFuckYourself.com - Adult Webmaster Forum - View Single Post - Schedule C -- Is this right? Is H&R Block fucking me around?

GatorB · 02-28-2005, 02:32 PM

One doesn't have anything to do with the other. Self employment taxes are different than income taxes. Business expense reduce your taxable income. If you have taxable income then you have to pay Self Employment taxes which you do on Scheudle SE. SE taxes are the EXACT same thing as FICA taxes ona regualr pay check the IRS just calls them something else which is stupid. Just as there is no way out of getting out of paying FICA atxes you can't get out of paying SE taxes. The only difference between FICA taxes and SEtaxes is that you have to pay BOTH the employee and the employer part since you are both your owned employee and employer. Personally I think that's unfair, but WTF can you do about it? The part of the SE taxes you pay as the employer is deductable off of your taxable income. Now that's deductable off your INCOME not your TAXES.

To be technical SE taxes are 15.3% of 92.35% of your taxable income. Or about 1/7 of every dollar of profit you earn.

02-28-2005, 02:32 PM
GatorB The Demon & 12clicks Industry Role: Join Date: Oct 2001 Location: SallyRand is a FAGGOT Posts: 18,208	One doesn't have anything to do with the other. Self employment taxes are different than income taxes. Business expense reduce your taxable income. If you have taxable income then you have to pay Self Employment taxes which you do on Scheudle SE. SE taxes are the EXACT same thing as FICA taxes ona regualr pay check the IRS just calls them something else which is stupid. Just as there is no way out of getting out of paying FICA atxes you can't get out of paying SE taxes. The only difference between FICA taxes and SEtaxes is that you have to pay BOTH the employee and the employer part since you are both your owned employee and employer. Personally I think that's unfair, but WTF can you do about it? The part of the SE taxes you pay as the employer is deductable off of your taxable income. Now that's deductable off your INCOME not your TAXES. To be technical SE taxes are 15.3% of 92.35% of your taxable income. Or about 1/7 of every dollar of profit you earn.