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“You can pay yourself a salary," he says. "In that case, 50% of the Social Security tax is paid by the corporation, which you can then expense. You as an individual pay the other 50%." Additionally, you only pay self-employment tax on the amount of income that is designated as y...
However, when filing your annual US tax return, you will typically have to report the details on your Form 1099. If you’ve received a Form 1099, you can be certain that the IRS has the same information. If you fail to report any income—whether or not that income is taxable—you cou...