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Aaron Marshall
11-13-2004, 12:40 AM
Hey guys, just a quick question. How do I as a sole proprieter moniter and pay my social security? Do I take a percentage of my net? Or do I only have to pay on my actual income? Any help would be great, thanks!
Aaron

HOOLIE
11-13-2004, 12:54 AM
As a self-employed person you should be making quarterly tax payments to the IRS. Your Social Security is paid thru the Self-Employment Tax, its a separate form that you attach to you final tax return in April. This ensures that you are contributing to your SS.

Check with an accountant. Also, a tax guide such as Ernst & Young's will give you the basic knowledge of how it all works.

Richard Martin
11-13-2004, 02:56 AM
Just so you know it's 15.3 (or 4) percent of adjusted gross income. Adjusted gross income is the amount of money you made after deducting all of your business expenses but before taxes and personal expenses.