Fema Employment
What is the New York State self-employment tax rate?
I had found it somewhere once before and I dont remember what is was. I think like 6% or 7%. I know the max income tax is 6.58%, but what about the self employement tax. My accountant gave me figures to paid both federal and state, but I think they are high, extremely high! Thanks in advance.
Public Comments
- blinnk281, There is no NY State self employment tax. That is only Federal. Federal self employment is 15.3 percent of net self employment income To arrive at the self employment tax you take the net self employment and multiply it ny .9235 and then by .153. That is your SE tax. You then take 1/2 of that and that becomes a deduction against total income to arrive at AGI. You have an income tax rate ranges from 4.5 % to 6.85%. You get to take a standard deduction and exemptions if any.
