So they would owe SS tax at 15% because they owe both the employer and employee side? Tia
NIL ? Are they considered self employed 1099
- Thread starter s1uggo72
- Start date
Ayuh, SS and Medicare totaling 15.3%, subject to the cap.
that is correct along with any local, state and federal income tax. they are netting a little more than half the money. all of them are getting an education in running a small business. presumably they have been doing this since this all started. the big ones probably opened an LLC.