Multiple Choice
All of the following statements regarding self-employment income/tax are true except
A) the self-employment tax is imposed on net earnings from self-employment when self-employment income is over $400.
B) self-employment tax is computed separately for married individuals filing joint returns.
C) independent contractors are subject to self-employment tax on the amount of net earnings from the self-employment activity.
D) employees who have a business in addition to their regular employment are not subject to the self-employment tax since FICA is withheld on their wages.
Correct Answer:
Verified
Correct Answer:
Verified
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