i think you do have to pay self employemnt tax, but...
Posted By: sotired on 2007-10-03
In Reply to: I thought everyone had to pay SS or self-employment tax. nm - LTMT
I am not sure how much it is. The last thing I ever want to do is try to figure out my tax return. I hate to even look at the darn thing. I think with SS though, you can only get back what you put in....or something like that. I probably will not get to collect a ton when I retire, but I know I will be able to collect some.
The negative about being an IC, is that after all your deductions your income is so deflated that it looks like you made no money. Trying to qualify for a loan is tough. We did a stated income loan for our home loan, and that comes due in 2011. Not sure if the guidelines will change by then, but stated loans are now harder to come by. We may have to show more income in order to qualify in 2011. I'll worry about that in 2009 probably.
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