How to calculate SELF EMPLOYMENT TAX deduction for retirement plans [SEP IRA + Solo 401k]
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- Опубліковано 21 вер 2024
- How to calculate SELF EMPLOYMENT TAX deduction for retirement plans. This calculation is for SEP IRA and SOLO 401k profit-sharing contributions.
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I had no idea about the calculation. Learnt something new. Thanks. 👍
wow great video... Its the little things that make a BIG difference.... very easy to over look. I do want to ask where on the schedule c to we place the employer and employee contributions is it all placed on line 19 Sch C ? Thank you again
Might want to think about starting a Patreon as well so people who don't like supporting through UA-cam.
I never thought about it that way, I’m going to look into that today. Thanks!
can you do the same if i was s-corp and pay myself 100k in w2 , how does it impact FIT / federal tax for employee and k1 tax for business owner
Thank you for the amazing content. Could you please explain someday how will this work for partnerships along with the 1065 and K-1
It's going to be the same just specific to your share.
@@TravisSickle thank you for the quick response.
Doesn't it need to be added to the 1065, Box 18 which refers to Retirement 🤔🤔🤔
Kind of confused by what you mean by “1/2 of self employment tax” around 6:05? We’re the final calculations only applicable for 1/2 of the earnings? What about the other half? Thanks
Self employment tax is all the social security and Medicare taxes combined. 1/2 of that number.
how did you get the number 0.92935? I am an S corp that pays myself $55k gross income as W2 and i want to do a profit sharing of 25% nonelective contribution to my solo401k. 25% is $13750 and I assume this will be my S corp deduction in total. However, the SE tax portion of the $13750 can not go to the 401k account. I am trying to figure out what is the SE tax on the $13750. I am using this 1040 FORM schedule SE form you have in your video to calculate this but line 12 Self-employment tax is coming out to be $529.22 which isn't quite $13750 - ($13750*.9235). there lies my confusion.
S-corp is completely different. You are NOT self-employed in this sense. I setup my own 401k with an s-corp and have videos on it. much easier calculations.
Link to the video please
I have watched a video showing how to figure out how much taxes I owe but I'm not sure how I figure in how much taxes I payed thought out the year and how to figure put 2 children care credit in as well can you help
Your paystub will show it