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V
VAtaxman
June 4, 2019
Question

In 2017, my wages maxed out FICA, however separately I had $10k of consulting income (1099).

  • June 4, 2019
  • 1 reply
  • 0 views

Do I need to send SSA the employer portion of that $10k. Is there a specific tax form I need complete for this self-employment income or just 2017 1040. 

1 reply

Critter
Critter
Employee
June 4, 2019

When you complete the Sch C section of the program it will automatically compute the SE taxes you owe taking into consideration the SS tax cap that you hit and the tax will be added to your federal income tax bill on the form 1040. 

D
dmertz
Employee
June 4, 2019
... and since you already maxed out FICA at your W-2 employer, the result on Schedule SE will be that you owe no Social Security taxes on your self-employment income, only the 2.9% Medicare taxes.
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