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Self Employment Tax Overview Quiz

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1. What percentage of their net earnings must self-employed individuals pay for the Social Security portion of the self-employment tax?

2. Which IRS form is used by self-employed individuals to report Self-Employment Tax?

3. What is the total rate of the Self-Employment Tax, which covers both Social Security and Medicare taxes?

4. What is the income threshold above which self-employed individuals must pay the additional Medicare tax?

5. Which of the following is NOT a deductible expense when calculating net earnings from self-employment for tax purposes?

6. Under what condition can self-employed individuals avoid paying self-employment tax?

7. Which of the following expenses can be deducted by self-employed individuals to lower their taxable income?

8. How is the self-employment tax rate applied to net earnings from self-employment?

9. In which situation would a self-employed individual NOT be required to file Schedule SE with their tax return?

10. What is the main purpose of paying self-employment tax?