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Form 1040-SS online Washington: What You Should Know
US Self-Employment Tax in the Federal Income Tax The Self-Employment Tax Act of 1942 (Sec. 1402) allows a deduction for self-employment expenses to a maximum of 20% of your adjusted gross income. Section 1407 expands and clarifies the self-employment tax and provides, for the first time, that self-employment expenses are to be included in income for purposes of withholding tax. The tax is imposed at source; that is, it is imposed on all the income received by persons for self-employment and can be added to the taxpayer's income in the same manner as any other income. There are special rules for certain categories of taxpayers; see, for example, the section 1404 special rules. The self-employment tax rates are equal to the general federal rate minus 0.9% for dividends and interest on the qualified dividends and excess business losses (both net of ordinary income), adjusted for limitations, to the same maximum extent as the basic federal rate. If you're a United States citizen or resident alien and have the same employment or self-employment activity as a resident, such as an employee of an international corporation, the rate is 28.97%. In contrast, the self-employment income limit for a nonresident alien is a flat 12.4 percent. The following table provides the total self-employment tax rates for each tax year: 2 2 2 2 2 2 Number of years 2023 19.0% 19.9% 20.2% 20.6% 20.9% 21.3% 20.9% 21.6% 21.7% 22.0% % of the maximum 2023 1.7 2.8 3.3 3.3 3.5 3.5 3.6 3.6 3.7 3.8 3.8 3.8 2023 1.7 2.8 3.3 3.3 3.5 3.5 3.6 3.6 3.7 3.7 3.7 3.7 2023 1.8 2.9 3.5 3.5 3.7 3.7 3.7 4.2 4.2 4.2 4.2 4.2 % of the maximum 2023 1.9 2.9 3.0 3.1 3.2 3.2 3.3 3.3 3.2 3.2 3.2 3.2 2023 1.9 3.
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