How to Pay Self Employment Tax

Step-by-Step Guide

1. 1

   Step 1: Add up your business revenue.

   This is any money taken in by your business.
   
   Make a note of this amount.
2. 2

   Step 2: Figure out the total amount of your business related expenses.

   You will have to report these on a form titled Schedule C.
   
   This is any money used to run your business.
   
   If you are unsure of what expenses are business-related, contact an accountant or check the IRS website. , The resulting figure is your net earnings figure. , The resulting figure is your taxable earnings amount, or the amount on which you are to pay taxes.
3. 3

   Step 3: Subtract the total amount you figured for business related expenses from the total amount of business revenue.

4. 4

   Step 4: Multiply your net earnings figure by 92.35 percent.

Detailed Guide

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