Fica

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jneylan

Dec 29, 2006, 09:39 PM

Hi,
My wife is a realtor and doesn't have any taxes withheld and I'm not sure how/where to remit FICA and medicare taxes. Can anyone help?
Thanks and Happy New Year.
John

Fr_Chuck

Dec 29, 2006, 10:03 PM

You do it all when your file your income tax. self employed people, depending on thier income need to be filing quarterly reports.
This will be the self employment tax and of course is at the full 15 percent not the 7.5 of employed people, since thier company pays the difference.

Hire a good tax accountant to do your taxes, they will show you and inform you of all the taxes you owe.

AtlantaTaxExpert

Dec 30, 2006, 08:15 AM

Fr. Chuck has it right.

Real estate agents are considered independent contractors and must report their income (and their expenses) on Schedule C.

The net income from Schedule C is then transferred to Schedule SE to compute the self-employment taxes. There is a small exemption (about $00), then every dollar thereafter is taxes at 15.3%.

If you need tax help (STRONGLY recommended), I am available. You can contact me at dpmtax@<hidden> to discuss the details.