here are the findings revenue from Work as a Notary collective is Exempt from the Self-Employment Tax
The work of notaries public is in query with all so many habitancy buying or refinancing their homes. A notary must attest to many signatures in the end of a buy or refinancing of real estate. A notary public serves as a state valid who is a bonded seek of a signature. In Florida and possibly in other states, a notary public can also achieve a marriage.
revenue from Work as a Notary collective is Exempt from the Self-Employment Tax
While the net wage of a notary public is branch to federal wage tax, it is not branch to self-employment tax. Section 1402(c)(1) of the Internal wage Code and Regulations Section 1.1402(c)-2(b) provide that the wage of a notary public is not branch to self-employment tax.
If a notary public has someone else enterprise as a self-employed individual, the notary public must pay self-employment tax on the net wage from the other business. The notary public must keep a cut off catalogue of the wage and expenses of each cut off business.
A self-employed notary public reports the wage and expenses from serving as a notary public on agenda C of Form 1040. However, the net wage from serving as a notary public does not go on agenda Se because the net wage from serving as a notary public is exempt from the self-employment tax.
If the taxpayer has erroneously paid self-employment tax on the net wage from serving as a notary public in previous years, the taxpayer should consider filing an amended return on Form 1040X to claim a refund for all open years. In general, a taxpayer has two years from the time the taxpayer paid the tax or three years from the date the taxpayer filed the return, whichever is later, to claim a refund. Taxpayers should consult a competent tax expert before filing an amended return.
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