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"Social Security - optional method of reporting"

  • todo
    Posted: Jun 15, 2011 08:40 PM
    Flag for inappropriate language
    Schenectady, NY
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    If my gross earnings were $5000, but my net earnings were less than $400, I can use "optional method" of reporting my income meaning I would report $5000 as my income. Now the question is do I pay 15% self-employed tax on $400 or $5000? This is for 2010 year, and I have taken extension for income tax.


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