Tax on Self-Employment Income

GPTKB entity

Predicate	Object
gptkbp:instanceOf	gptkb:tax_law
gptkbp:additionalMedicareTax	0.9% for income above $200,000 (single)
gptkbp:appliesTo	independent contractors self-employed individuals sole proprietors partners in a partnership members of an LLC
gptkbp:compatibleWith	corporate employees S corporation shareholders (on distributions)
gptkbp:country	gptkb:United_States
gptkbp:covers	gptkb:Medicare_tax gptkb:Social_Security_tax
gptkbp:deductiblePortion	50% deductible as adjustment to income
https://www.w3.org/2000/01/rdf-schema#label	Tax on Self-Employment Income
gptkbp:imposedBy	gptkb:Internal_Revenue_Service gptkb:United_States_federal_government
gptkbp:IRSPublication	gptkb:IRS_Publication_505 IRS Publication 334
gptkbp:Medicare_portion	2.9%
gptkbp:notWithheldBy	employer
gptkbp:rating	15.3%
gptkbp:reportsTo	gptkb:Schedule_SE_(Form_1040)
gptkbp:requiredIfNetEarningsExceed	$400
gptkbp:requires	estimated tax payments
gptkbp:Social_Security_portion	12.4%
gptkbp:taxStatus	gptkb:Form_1040 gptkb:Schedule_C gptkb:Schedule_F gptkb:Schedule_SE
gptkbp:thresholdForMedicare	no wage base limit
gptkbp:thresholdForSocialSecurity	up to annual wage base limit
gptkbp:bfsParent	gptkb:26_U.S.C._Chapter_2
gptkbp:bfsLayer	7