How much SE tax should I be paying by 1/17/17? My spouse started her own business this year in March 2016 and at the time, we were unsure how much money she would actually generate. By the time December 31 rolled around, she generated over $11,000 (mostly in the 3rd and 4th quarters), however, we did not pay any SE tax (yet).
Her final numbers (rounded and on cash basis, not accrual):
$11,000 gross income (about $3k of this income is 1099 income and most likely be reported to the IRS)
$8,000 net income (possibly could take more business expenses that I did not account for in Quickbooks, ie. fuel to her office, depreciation of car, etc)
$400 in net assets, furniture etc
I work full time (not self employed) and I pay payroll tax and we file married jointly. We did not make any quarterly payments for her.
I've done some research but I cannot pinpoint if she needs to make *any* SE tax payments before 1/17/17. However, I am assuming she needs to but I just do not know how much or what is recommended.
Any and all help would be appreciated.
Let me know if I am missing any important pieces of information.
Thanks! |