How to mark income as exempt from SE tax?

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kelsuy
kelsuy Member ✭
edited May 2022 in Business and Rental Property Tools (Windows)
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?

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  • NotACPA
    NotACPA SuperUser ✭✭✭✭✭
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    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 VP

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