How to mark income as exempt from SE tax?

kelsuy
Quicken Windows Subscription Member
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?
0
Comments
-
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 February, 1990. DOS Version 4
Now running Quicken Windows Subscription, Business & Personal
Retired "Certified Information Systems Auditor" & Bank Audit VP0
This discussion has been closed.
Categories
- All Categories
- 3 Product Ideas
- 27 Announcements
- 209 Alerts, Online Banking & Known Product Issues
- 18 Product Alerts
- 732 Welcome to the Community!
- 606 Before you Buy
- 1.1K Product Ideas
- 50.1K Quicken Classic for Windows
- 15.5K Quicken Classic for Mac
- 987 Quicken Mobile
- 777 Quicken on the Web
- 75 Quicken LifeHub