and I don’t even pay payroll taxes because I am self employed, I would be totally screwed under 999.””
Don’t know what you do as a “self-employed” person, but you surely should be paying BOTH HALVES of the payroll taxes—a total of 15.3 percent. You are both the employee & the employer, therefore you pay the 6.2 % Fica & the 1.45% Medicare, which wquals 7.65% times 2, which equals 15.3%...It should be reported on your tax return under section/page SE for Self Employment.
Based on the postings here on FR, I am unclwar if businesses will still have ‘deductions’, even if some are carved down.
Particularly, paying out payroll to others would end up being taxed twice if such deductions don’t get allowed.
If you have been self employed for some time & have NOT had a professional prepare your tax returns, please get them reviewed & see if you are in a deliquency position. If so, get it straight as quickly as possible. This affects the records of your input into the SS Administration & will affect your retirement income in the future.
lol
I don’t get a salary, thus I pay no tax.
I had to look it up, all my income is rental income which is why I don’t pay those taxes.
My situation is more different in that regard than I thought.