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Social Security - optional method of reporting
Old 06-17-2011, 08:40 PM   #1
Confused about dryer sheets
Join Date: Jun 2011
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Social Security - optional method of reporting

If my gross earnings were $5000, but my net earnings were less than $400, I can use "optional method" of reporting my income meaning I would report $5000 as my income. Now the question is do I pay 15% self-employed tax on $400 or $5000? This is for 2010 year, and I have taken extension for income tax.

(This optional method of reporting is only available to self-employed.)
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