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markdw5
June 1, 2019
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How much self employment tax would i owe on 10,000.00 net income

  • June 1, 2019
  • 1 reply
  • 0 views
I paid mt son approx. 10,000.00 last year while he was in an apprentice training program if I 1099 him what will his self employment tax be \? And can I still claim him as a dependent he was 20 last year
Best answer by MichaelL1

Your son would report the $10K of income in your example and then deduct any expenses (tools, materials, etc)he incurred to earn this income.

The net profit is then subject to Self-Employment (SE)Tax.  The SE rate for 2016 is 15.3%

https://www.irs.gov/publications/p334/ch10.html

1 reply

MichaelL1
MichaelL1Answer
Employee
June 1, 2019

Your son would report the $10K of income in your example and then deduct any expenses (tools, materials, etc)he incurred to earn this income.

The net profit is then subject to Self-Employment (SE)Tax.  The SE rate for 2016 is 15.3%

https://www.irs.gov/publications/p334/ch10.html

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