Question

true or false: self-employed taxpayers pay the employee portion of the fica tax burden through self-employment taxes, but they are exempt from paying the employer portion.

Answer 1

self-employed taxpayers pay the employee portion of the fica tax burden through self-employment taxes, but they are exempt from paying the employer portion . This statement is false.

Tax payment for self employed?

The practice of working independently rather than for an employer is known as self-employment.If a person chooses to be recognized as a self-employed individual or is generating income for which a tax return must be filed, tax authorities will typically view them as such.The crucial question for tax authorities in the real world is not whether a person is engaged in a business activity—which is still referred to as "trading" when referring to the provision of a service—but rather whether the activity is profitable and, as a result, potentially subject to taxation.To put it another way, the tax authorities generally ignore occasional and hobby- or enthusiast-based economic activity because trading is likely to be ignored if there is no profit.People who work for themselves are typically referred to as sole proprietors (or sole traders), independent contractors, or partners.

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