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Accounting & Bookkeeping & Small Business Forum
Accounting, Bookkeeping, Marketing, and Small Business Resource
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Guest
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| Posted: Sun Nov 14, 2004 11:22 am Post subject: S.S. question |
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I hope someone can explain this to me.
If I have a new business and it’s not making any money in the first couple of years that means I’m going to show a lost on my schedule C and therefore I’m not going to owe taxes.
Since I’m not paying income taxes, it means I’m not making any Social Security payments either.
If I’m not required to send any estimated taxes and pay any taxes at the end of the year, how would I be paying for my S.S.?
I’m very confused with this deal. Please help.
Victor |
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Guest
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| Posted: Sun Nov 14, 2004 12:53 pm Post subject: RE: S.S. question |
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| Victor: you do not pay your own socialsecurity tax. All current social security and self employment taxes that are paid currently are held in a trust fund for current payees. Instead of worrying about the government paying you a retirement you should be funding your own retirement thru the use of IRA's and other pension funds. |
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