How Self-Employment Tax Works (And How To NEVER PAY It!) 

OK, so I'm playing the IRS and their game is "Three-card monte" I'll find the Lady once in a while but, for the most part they'll get my $

Excellent video - thank you for the very easy to understand explanation. I'm managing 5 LLCs and have had a full time employer where I cap out on Social Security every year. Next year may be an entirely different matter. This is a great reminder of the tax advice our accountant gave us years ago and a very nice explanation. Liked and subscribed!

WHY ? IRS GOVERNMENT WOULD WANT SELF EMPLOYED PEOPLE TO PAY MEDICAID AND MEDICARE IF THEY ARE NOT EMPLOYED BY ANY COMPANY, ?

Dear Sherman, Thank you for your video. Very interesting. I sent you an email regarding to tax issue please check. Thank you.

Can I get you to file my tax?

So in this case of filing as an S-Corp and being self employed, would it be beneficial to have yourself as a 1099 or W2 employee?

can you do some videos specifically for 1099 folks? I am a coach, men's clothing stylist and affiliate for a haircare brand. Some MLM, some not. All my pay is 1099 and I'd love info on what is the best way to structure that and lessen taxes so I can share best practices with my teams (people who have joined me to sell haircare too). many people do 2-3 "jobs" as contractors but i don't know if I should be sole proprietor, LLC or what! i do try to write off as much as possible but I don't own any of the companies....THX

Would I file self employment taxes if I accept donations on my Channel?

Self employment tax is indeed steep, especially if your earnings put you in a high tax bracket, but keep in mind, that tax is FICA. That tax do suck and can put you in a position to pay damn near up to 60% or more in taxes depending on where you live and your tax bracket, but that tax is a tax that fuels your Social Security benefits, though at the same time it can be a dead end tax providing if you are not in business long enough which is practically for up to the age of 70. You can always go another route with different formations and elections of your business, but the money you save would mostly belong to legal advisers and accountants because their expertise can not only cost you a pretty penny, but keep you out of legal troubles with the state and IRS though even those people who keep you out of trouble tend to get you in trouble as well. All I am saying is that there is no escaping taxes in The US. I am for sure not a CPA or educated in taxes, but my advise to people is to not try anything drastic in order to save money. If someone presents something to you that is too good to be true, get a second opinion, because when it comes to US taxes, there is no such thing as too good to be true.

So in this case of filing as an S-Corp and being self employed, would it be beneficial to have yourself as a 1099 or W2 employee?

What about zero income , but lost money in fees/ supplies/ shipping labels. How does that work ?

Hi: I like your video. Very easy to understand.

So in this case of filing as an S-Corp and being self employed, would it be beneficial to have yourself as a 1099 or W2 employee?

So in this case of filing as an S-Corp and being self employed, would it be beneficial to have yourself as a 1099 or W2 employee?

So in this case of filing as an S-Corp and being self employed, would it be beneficial to have yourself as a 1099 or W2 employee?

For someone w a w2 job that is slready paying towards social security and medicare, is self employment tax still applicable if the person has a side hustle business?

You can create deductions? By moving money from one account into another account? What is that mean? 5:04

Love the simplicity of explanation 👍

Amazing .. Thank you for this Video! had to subscribe.

Well presented imfo. My accountant cals it the double tax. You pay money in taxes on your income and on the money you used to pay yourself that income. That's one of the main reasons a person will get into some sort of Corp to just pay business tax.

You will never ever have social security building up.

Is a SEP IRA dollar for dollar deduction in tax burden?

Hello! I'm new to your channel and I think your videos are very interesting and amazing! I also liked and subscribed😁Keep up the amazing content and have a good one my friend🙏🏼❤️

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hey cpa coach were u reading from q-cards, ur good

What about if your employees are nonresidents/noncitizens? Would you still be responsible for paying taxes on employee income?

I just discovered your channel as it was a suggested video while I searched for investment videos. You are very easy to understand. I hope you absolutely crush it with subscribers and views in the months and years ahead. Like Stock up with LARRY JONES and Richard Fain -- 2 black men with subscribers over 600K. Much love and respect for the great content.

Cfmr

I have a LLC for my Catering Business but it's a side job I only do on my days off what entity should I change my to I only have one worker as my cook they saying I still have to file for Employer quarterly report I also have reemployment do I need the reemployment or should I cancel it

I have a youtube travel channel and I plan to deduct travel expenses for my tiny channel on my taxes.

if i am self employed just for 4 month and earn 2500 then also its need to pay tax or not

great video