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    pastor1189's Avatar
    pastor1189 Posts: 1,538, Reputation: 3
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    #1

    Nov 4, 2018, 08:16 AM
    Self Employed Question
    Church member wants to start selling items as a self employee person.
    Does he collect social security and medicare contributions on a quarterly basic
    For himself ?

    How much income would he need to set aside FICA contributions
    ebaines's Avatar
    ebaines Posts: 12,129, Reputation: 1307
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    #2

    Nov 5, 2018, 08:09 AM
    He will need to pay self-employment tax of 15.3% (12.4% for Social Security and 2.9% for Medicare) as well as income tax on the net income from his small business. There is no "break even threshold" on the self-employment, as it's a flat 15.4%. He should file estimated tax payments quarterly if the amount of tax owed for the year will exceed $1,000.
    pastor1189's Avatar
    pastor1189 Posts: 1,538, Reputation: 3
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    #3

    Nov 5, 2018, 08:57 AM
    Thank You

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