Overlooked Tax Deductions and Credits for the Self-Employed
ContentFeel confident doing your own self-employment taxesHelp and SupportSelf-Employment Tax (Social Security and Medicare Taxes)Self-Employment Tax DeductionStart-up costsWhat Is the Self-Employment Tax? When you file your return, check the “An extension has been filed" box on page 1 and do not include a copy of the extension. Keep it with your records. If you carry on an activity that occasionally produces income, but your main purpose for pursuing the activity is not for profit, then you might be engaged in a hobby. Hobby income should be reported as other income on your tax return. How much is self-employment tax 2022? The California self employment tax rate for 2022 is 15.3%. As previously discussed, this includes your Social Security and Medicare taxes. Those who are self employed need to cover the entire…