I have not filed my taxes from 2015, & either 2016 or 2017. I had water damage & didn't know how to retrieve my Social Security information and/or my BCBSIL deductions for my medical insurance information. I requested the information from BCBSIL but never received it. I have been ill & since 01/04/2019 my job was eliminated. I need advice as to whether or not I should use my 403B to survive until I am employed again. Thank you! Regards, jan Treptow
SOURCE: taxes on self employement
First you have to determine your net income. Net income is your business income less your business expenses. Self employment tax is 15.3% of your net income. As a rule of sum is to consider that 20% of your business income is your personal contribution to Uncle Sam. The determined estimated tax must be paid quaterly.
SOURCE: Can I Employ My Kids Or Relatives And Get A Tax Deduction?
Yes. This can be a common practice of small family possessed companies. As long as the child or relative is carrying out some needed service for the business and it is compensated roughly exactly what a non-relative would be paid for exactly the same work, it's permitted.
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