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    colflagg's Avatar
    colflagg Posts: 2, Reputation: 1
    New Member
    		  
    #1

    May 25, 2007, 09:19 AM
    Social Security tax for self employed
    My spouse and I work for different employers for w2 wages and we also run a web business that generates considerable 1099 income.

    At this time the web business income is reported on a 1099 in my spouses name, however I make twice the w2 wage income as my spouse. Would switching the 1099 into my name save on the Social Security tax for the year since I'm closer to the $97500 limit for 2007?

    Thank you!
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #2

    May 25, 2007, 11:45 AM
    Yes, it WOULD save 12.4% of every dollar over the $97,500 limit for 2007.

    Well done!! Most people would NOT have picked up on that fact!
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