revenue from Work as a Notary communal is Exempt from the Self-Employment Tax

Self Employed - revenue from Work as a Notary communal is Exempt from the Self-Employment Tax

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The work of notaries public is in demand with all so many people buying or refinancing their homes. A notary must attest to many signatures in the windup of a purchase or refinancing of real estate. A notary public serves as a state official who is a bonded peruse of a signature. In Florida and possibly in other states, a notary public can also achieve a marriage.

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Self Employed

While the net wage of a notary public is field to federal wage tax, it is not field 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 field to self-employment tax.

If a notary public has someone else business 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 isolate inventory of the wage and expenses of each isolate 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 think filing an amended return on Form 1040X to claim a reimbursement 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 professional before filing an amended return.

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