Tax

Have a tax question? Ask a tax Expert

Ask an Expert,
Get an Answer ASAP!

This answer was rated:

Does any experts know that self-employment tax rate? my

friend got his real estate...
Does any experts know that self-employment tax rate? my friend got his real estate broker license and recently close the one case. for example, he got a $15,000 commission from escrow company and How much tax he needs to pay to IRS ?
Show More
Show Less
Ask Your Own Tax Question
Answered in 40 minutes by:
6/8/2017
Matthew Breecher
Matthew Breecher, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 287
Experience: Director
Verified

Remember, his income will be reported on a Schedule C and he will have expenses associated with his business. The payroll tax for someone self employed is 15.3% (as they have to pay both sides of employer/employee of 7.65%). Ideally, you want to find as much in the way of expenses as possible.

Ask Your Own Tax Question
Customer reply replied 1 year ago
Thank you!!

I hope I answered your question with sufficient detail, accuracy, and completeness based on the facts communicated. I would be happy to expand my answer should you need clarification, before you rate my response. If no additional information is needed, please rate my response, based on thoroughness and accuracy, rather than any good or bad news/content. We (the experts) are only compensated when an answer is accepted and rated with at least 3 stars; but my goal is your complete satisfaction and a 5 star rating. I appreciate your prompt response. Sincerely, ***** ***** Breecher, CPA.

Matthew Breecher
Matthew Breecher, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 287
Experience: Director
Verified
Matthew Breecher and 87 other Tax Specialists are ready to help you
Ask your own question now
Was this answer helpful?

How JustAnswer works

step-image
Describe your issueThe assistant will guide you
step-image
Chat 1:1 with a tax professionalLicensed Experts are available 24/7
step-image
100% satisfaction guaranteeGet all the answers you need
Ask Matthew Breecher Your Own Question
Matthew Breecher
Matthew Breecher
Matthew Breecher, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 287
287 Satisfied Customers
Experience: Director

Matthew Breecher is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Wallstreet Esq.

Wallstreet Esq.

Tax Attorney

586 satisfied customers

10 years experience

Mark D

Mark D

Enrolled Agent

1,338 satisfied customers

MBA, EA, Specializing in Business and Individual Tax Returns and Issues

Richard

Richard

Tax Attorney

4,512 satisfied customers

29 years of experience as a tax, real estate, and business attorney.

PhillipsEsq.

PhillipsEsq.

Attorney-at-Law

59 satisfied customers

B.A., M.B.A, J.D.

Robin D.

Robin D.

Senior Tax Advisor 4

15,569 satisfied customers

15years with H & R Block. Divisional leader, Instructor

Megan C

Megan C

Certified Public Accountant (CPA)

8,655 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

jgordosea

jgordosea

Enrolled Agent

2,885 satisfied customers

I've prepared all types of taxes since 1987.

< Previous | Next >

Related Tax Questions
I have a real estate question, and I would like a prompt or
I have a real estate question, and I would like a prompt or immediate answer if possible … read more
Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
2,617 satisfied customers
Can a real estate agent form an LLC in Florida and elect
Can a real estate agent form an LLC in Florida and elect S-Corp status with the IRS. Or form a PLLC? What is the requirement here?… read more
Barbara
Barbara
Enrolled Agent, Paralegal
5,693 satisfied customers
I have a question regarding 1099 reporting. I am a Real
Hello Pearl. I have a question regarding 1099 reporting. … read more
Barbara
Barbara
Enrolled Agent, Paralegal
5,693 satisfied customers
I am currently in middle of closing a real estate sales
I am currently in middle of closing a real estate sales transaction in california and need guidance on filling form 593 … read more
Barbara
Barbara
Enrolled Agent, Paralegal
5,693 satisfied customers
I am a licensed California Realtor, not a broker, and want
I am a licensed California Realtor, not a broker, and want to form an S Corp. Can this be done?… read more
Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
2,617 satisfied customers
Individual taxpayer is a licensed real estate broker. She is
Individual taxpayer is a licensed real estate broker. She is the sole shareholder, officer and board member of the corporation. This corporation is not an "S" corporation and files form 1120 for incom… read more
Barbara
Barbara
Enrolled Agent, Paralegal
5,693 satisfied customers
My friend's father passed away and I am helping him with his
Hi , My friend's father passed away and I am helping him with his father's estate. His father left his house, cash in the bank and a 401k account. Althogether the value is less than 3,000,000. We sold… read more
emc011075
emc011075
Senior Tax Specialist
Bachelor's Degree
16 satisfied customers
My husband is going into real estate and he could make
My husband is going into real estate and he could make 50,000 on one commission, how much of that should he set aside for taxes. He doesn't think any because we are filing jointly.… read more
Mark Taylor
Mark Taylor
Certified Public Accountant
Masters
2,328 satisfied customers
A client of mine owns 8 real estate holdings, which are in
A client of mine owns 8 real estate holdings, which are in effect one business. He does nothing but operate this business. He is the only owner and dedicates his day to their maintenance and operation… read more
Anne
Anne
Master Tax Preparer
1,328 satisfied customers
My husband is a minister. He receives a W-2 and he's treated
my husband is a minister. He receives a W-2 and he's treated as self employed. Would he use a schedule c of form 2106… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
I currently run a publishing business under an LLC. I am also
I currently run a publishing business under an LLC. I am also a real estate agent. Additionally I am a rental property owner with 10 investments. I don't run the rental business under an LLC. I recent… read more
taxmanrog
taxmanrog
Master\u0027s Degree
1,076 satisfied customers
I am a CA licensed real estate broker. Last year I created
I am a CA licensed real estate broker. Last year I created a CA S Corp (residential real estate brokerage) with my licensed agent, as partners/officers within the Corp. Come tax filing time for 2011, … read more
TaxWhisperer
TaxWhisperer
Principal
Master's Degree
24 satisfied customers
I am self employed as a Realtor. My broker does not pay taxes
I am self employed as a Realtor. My broker does not pay taxes on my income earned, I do. I currently have a garnishment levied against me, is this legal given that I technically don't make a wage?… read more
keeperumiami
keeperumiami
Sr Financial & Tax Consultant
Bachelor\u0027s Degree
1 satisfied customers
How does split commission in a real estate transaction reported
How does split commission in a real estate transaction reported between Real Estate Agency and Buyer from tax purposes. A) Can the RE Agency issue 1099 Misc to Buyer for the commission refunded? B)Fro… read more
keeperumiami
keeperumiami
Sr Financial & Tax Consultant
Bachelor\u0027s Degree
1 satisfied customers
I am a real estate agent and I owe the IRS back taxes - my
I am a real estate agent and I owe the IRS back taxes - my broker recently received a levy on my wages - I am self employed working on commissions when a property is sold and closed - at the present t… read more
abci168
abci168
Principal
27 satisfied customers
In a real estate transaction, the buyers real estate broker
In a real estate transaction, the buyer's real estate broker is waiving their commission and requesting that it be paid to the buyer at the closing. Is there tax consequences for the buyer?… read more
Merlo
Merlo
Tax Consultant
558 satisfied customers
Are real estate listing brokers required by law to 1099 the ...
Are real estate listing brokers required by law to 1099 the buying broker? Since real estate commissions are paid by the seller of the property and are disbursed from the Escrow account by the Escrow … read more
RD
RD
Self Employed
Master's Degree
1,164 satisfied customers
A foreign investor purchased a single family home as an ...
A foreign investor purchased a single family home as an investment for 215K. He spent approx. 7k to improve the home. He will sell the home for 265K. He has owned the home for 3 months. What acquisiti… read more
Christopher Phelps
Christopher Phelps
Sole Practitioner
Master Degree
1,180 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x