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Jason M. Tyra, CPA
Jason M. Tyra, CPA, Certified Public Accountant (CPA)
Category: Finance
Satisfied Customers: 178
Experience:  Principal at Jason M. Tyra, CPA, PLLC
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Regarding federal tax incentive to purchase new tesla car. I

Customer Question

regarding federal tax incentive to purchase new tesla car. I am self-employed and pay 15.3% of self-employment tax. my question is federal tax incentive applicable to self-employment tax and federal tx or just federal tax only
Submitted: 1 year ago.
Category: Finance
Expert:  Jason M. Tyra, CPA replied 1 year ago.

Hi Min:

Self employment tax is calculated based on your net earnings from self-employment. Usually, this is just the "bot***** *****ne" on Schedule C. Since this is a separate calculation from federal income tax, any credits or incentives to which you are entitled wouldn't apply to self-employment tax directly. However, they would decrease your overall tax burden, so the result would be the same.

Customer: replied 1 year ago.
Thank you
Expert:  Jason M. Tyra, CPA replied 1 year ago.

You are welcome. If this has been helpful to you, then please don't forget to rate!