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Social Security

Discussion in 'Business Operations' started by Aaron Marshall, Nov 13, 2004.

  1. Aaron Marshall

    Aaron Marshall LawnSite Member
    Messages: 136

    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
     
  2. HOOLIE

    HOOLIE LawnSite Gold Member
    Messages: 3,981

    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.
     
  3. Richard Martin

    Richard Martin LawnSite Fanatic
    Messages: 14,699

    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.
     

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