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Author: RooCat Big red star, 1000 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121587  
Subject: Re: Self Employed Tax Question. Date: 12/10/1999 4:28 AM
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Actually, SET is 15.3% of 92.35% of $40,000 or $5,652, 1/2 of which is deductible from your Gross Income. Or 14.12955%

$40,000 - 2,826 - 4300 (assuming single standard deduction) - 2,750 exemption = $30,124 = $5,087 in taxes since $25,750 is at 15%.

Total bite of $ 40,000 = 26.85%
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