Federal Employment Tax

Federal employment tax is the Social Security and Medicare components of the combined payroll tax. It includes amounts matched by the employer and is reported via Form 941 on a quarterly basis.

Self-Employment Tax: You Can Stop Staring At Me Now!

Self-Employment Tax

Simply put, this is a tax on your net earnings from your small business operation.  If you are unincorporated, you have to pay this tax.  This includes those in partnership arrangements, and in any form of Limited Liability Company status.  So why don’t corporations pay the tax?  Actually they do, it’s just called a different name. 

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