What can you tell me about self employment taxes in the oil and gas business?

Answer by  beck (1099)

As with any other self employment business, you must fill out a Schedule C with your 1040. If you show a profit you owe self employment taxes. These taxes go to Social Security and Medicare and are both the portion that you would normally pay and the portion that an employer would pay. Half the taxes are deducted from income.

Answer by  salsafoodie (3146)

Depends on the state you are in you may have to pay both state and federal and levy taxes. You can get an accountant to find more information.

Answer by  Abbaskhan (78)

Yeah there are lots of taxes in these buisnesses. Talking about my country, i would say that in this new budget of for 2010 the taxs on oil and gas companies have increased by a large amount.