How to mark income as exempt from SE tax?

I make the majority of my income through loan closings. Both the Feds and States exempt notary public income from self-employment taxes. This means I'll be splitting any income I receive into two parts: the market equivalent of the notaries performed as part of the assignment, and the remainder, which is subject to SE. (i.e. If I gig pays me $100, and I notarize 2 documents, then $30 of that income is exempt from SE.) How do I set up a category in Quicken H&B that allows me to track this so I can have a better idea of taxes for the year?

Comments

  • NotACPA
    NotACPA SuperUser ✭✭✭✭
    For that SE taxable amount use a category that has a Tax Line associated with it, and for the remainder use a category without a tax line.  It's via those Tax Lines that Q determines what's taxable and what isn't
    Q user since DOS version 5
    Now running Quicken Windows Subscription, Home & Business
    Retired "Certified Information Systems Auditor" & Bank Audit VP
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