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Posted by Jennifer Mumford on 2/20/21 9:42pm
I just did my taxes with a rude awakening of owing quite a bit (lesson learned from not doing estimated taxes or setting aside a percentage ugh! Plus my partner uses schedule c for his independent contact work as well). Anyhoo, Iíve scanned through previous posts on taxes and I just wanted to clarify the following:
1. I obviously report all of my total earned income as a notary
2. The actual allotted California $15/ notarization can be exempt from Self employment tax
So if hypothetically I make $10,000 in 2020 and if I went through (or better yet this year actually did this in a spreadsheet ugh ! ) found that $8000 of this income is the allotted $15/ notarization, does this mean that my self employment tax is only taken from the remaining $2000?
Also any recommendations for a Notary Tax Accountant or specialist in the Bay Area ? Even better near Oakland, CA.
Thanks for any insight.