The instructions say $400. If you run the form and deduct half the self-employed tax (the "employer's" half), you'll see it's actually a bit higher.If your self employment income is $400 or more in 2024 (not $433), you have to pay “self employment tax” which is the employer & employee portion of S.S. & Medicare contributions.It doesn't sound like it applies to you, but another common exception to avoiding a filing requirement due to low taxable income is that those with self employment income over $433 need to file to pay self employment tax.
I believe the $400 self employment income minimum to pay self employment tax in 2025 remains the same. I couldn’t find anything to the contrary on “the google”.
bill
400 / (1 - 0.0765) rounds to 433.
Statistics: Posted by trueblueky — Mon Jan 13, 2025 5:51 pm — Replies 8 — Views 399