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Form 1 TaxHow

Form 1 TaxHow

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hello i'm chris menard in this personal finance video i'm going to show you how to calculate your self-employment tax approximately 50 of people in the united states that have a regular job also have a side gig so this would include those people and anyone that's just self-employed anyway and just to be clear if you're self-employed you not only have to pay self-employment tax you also have to pay a second tax which is your income tax i'm only covering the self-employment today i'm going to run through these seven questions so there's going to be chapters down below so here you go [Music] if you want to calculate quickly how much self-employment tax you have to pay i'm going to do it right here let's say that your net profit for the year is twenty thousand dollars and then i'm going to walk you through this just simply take your net profit and multiply it times .1413 that would be your self-employment tax f

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