Posted by Nina Thomas on 9/28/10 1:15pm
Msg #354583

tax ememption

does anyone know the tax code reference for notary self employment tax exemption?

Reply by Erwin/CA on 9/28/10 1:35pm
Msg #354587

Page 94 of IRS Publication 17: "Notary Public. Report payments for these services on Schedule C or Schedule C-EZ (form 1040). These payments are not subject to selfe-employment tax. (See the separate instructions for Schedule SE (Form 1040) for details."
Erwin

Reply by Nina Thomas on 9/28/10 1:54pm
Msg #354591

thanks Erwin

Reply by Linda_H/FL on 9/28/10 2:19pm
Msg #354595

Are you looking for the occupation code?

That's 541199 All Other Legal

Reply by Susan Fischer on 9/30/10 12:27am
Msg #354822

Are you sure you want to do that? Many of us continue to

contribute to our SS accounts, and avail ourselves of the benefits of doing so.

For instance, at 63, continuing to contribute raises my benefit considerably when I begin collecting at age 70.

Unless you have a solid retirement plan to replace your Social Security income, you might talk to estate planning/CPA experts about the decision to foregoing this self-employemnt election.

jmho.