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Here are a few of the most common self-employment tax deductions: 1. Self-Employment Tax Deduction. If you’re self-employed, you will end up paying more Social Security and Medicare tax than an ...
Deductions Worksheet – Step 4(b) on page 3. ... Self-employed SEP, SIMPLE and qualified plans. Self-employed health insurance deduction. Penalty on early withdrawal of savings.
Use the results from the Deductions Worksheet in 4(b). ... Interest income, dividends, capital gains, self employment income or IRA distributions change. Adjustments to income: ...
What Is the Self-Employment Tax Deduction? As a self-employed individual, you’re allowed to deduct what the IRS calls the “employer-equivalent portion of your self-employment tax,” which is ...
Form W-4, 2012. Form W-4 (officially, the "Employee's Withholding Allowance Certificate") [1] is an Internal Revenue Service (IRS) tax form completed by an employee in the United States to indicate his or her tax situation (exemptions, status, etc.) to the employer.
Being self-employed isn't always all it's cracked up to be, especially when it comes to taxes. Not only do you have to use a tax estimator to make estimated tax payments, you also don't have an...