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All of the following statements regarding self-employment income/tax are true except:

A) The self-employment tax is imposed on net earnings from self-employment over $400.

B) Self-employment tax is computed separately for married individuals filing joint returns.

C) Independent contractors are subject to self-employment tax on the amount of net earnings from the self-employment activity.

D) Employees who have a business in addition to their regular employment are not subject to the self-employment tax since FICA is withheld on their wages.

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M945790

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