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Level 1

Self-Employed Tax Question - IRS Threshold

Hey everyone - this is my first post  and I'm not really sure if we're allowed to ask specific tax questions, but figured I'd give it a shot.

 

It's probably a dumb question, but if I ended up with $700 in net income this year (my first), would I pay the 15% SE tax on the whole $700, or just on the $300 that's above the $400 IRS threshold? Hope that made sense.  Thanks!

 

 

(Title edited by moderator for clarity)

Solved
Best answer 01-25-2018

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Level 7

Self-Employed Tax Question - IRS Threshold

@taxnewb, welcome to QB Community! There are no dumb questions, and I hope you'll find lots of support and inspiration here. 

 

Our 2017 Self-Employment Tax Calculator might be a good place to start. Also check out Tax Bootcamp for the Self-Employed, a presentation from last November's QuickBooks Connect event in San Jose, CA.

 

If you are a QuickBooks SE customer, @JaymilS may be able to offer some guidance as well. 

 

Let me know if that helps!

View solution in original post

3 Comments
Highlighted
Level 7

Self-Employed Tax Question - IRS Threshold

@taxnewb, welcome to QB Community! There are no dumb questions, and I hope you'll find lots of support and inspiration here. 

 

Our 2017 Self-Employment Tax Calculator might be a good place to start. Also check out Tax Bootcamp for the Self-Employed, a presentation from last November's QuickBooks Connect event in San Jose, CA.

 

If you are a QuickBooks SE customer, @JaymilS may be able to offer some guidance as well. 

 

Let me know if that helps!

View solution in original post

Highlighted
Level 1

Self-Employed Tax Question - IRS Threshold

Thanks Emily -

 I figured out the SE tax question from the irs website but I appreciate your help, as well as  letting me know there are no dumb questions :).  

 

I have the 2017 QB desktop version but in all honesty it's really, really confusing and overwhelming. For 2017 I'm still going to rely on paper, pencil, and the irs website.

 

Thanks again for your help and encouragement.

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Level 7

Self-Employed Tax Question - IRS Threshold

Thanks for your feedback, @taxnewb. Let me know how it goes with the old-school approach (and if you have any questions, you can't go wrong by consulting a tax professional).

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