Mozell Sponsler: You report this income on schedule C *and* will owe SE tax on the total.
Janeen Perona: So what's a good percentage to hold with all taxes included... %30?
Mahalia Brindle: royalties would be on going year after year from a publication that was written and published years ago, generally the publishing house controls the sale of the books, takes their cut and issues you royalties and not subject to self employment tax, it is reported on Sch Ewhat you are receiving from your writing ability is self employment, on Sch C and SEself employment tax is approx. 13.3% of the sch C net and your income tax depends on your gross, your status and your deductions...Show more
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