Fica

Question

Dec 29, 2006, 08:39 PM

jneylan

New Member

Join Date: Dec 2006

Posts: 1

Fica

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

Answers

Dec 29, 2006, 09:03 PM	#2

Fr_Chuck Christianity Expert Join Date: Nov 2005 Location: Atlanta GA Posts: 26,279	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.

Dec 30, 2006, 07:15 AM	#3

AtlantaTaxExpert

Tax Expert

Join Date: Feb 2005

Location: Atlanta, Georgia

Posts: 10,031

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 [email address]

to discuss the details.

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