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Show Tax Requirements Explained to Self-Employed Person "Many self-employed people may not be gc-tting the protec-l tion under the social security program they should be getting," Kesler T. Powell, District Manager Mana-ger of the Provo, Utah Social Security Office, said today. If you were self-employed during dur-ing 1959, and had net earnings of $400 or more, you must file an Income tax return and pay self-employment self-employment tax on your net earnings. This self -employment ' tax is for social security purposes. pur-poses. The tax rate is 3 of your net Income. Your income tax return must be filed with the District Director of Internal Rev-1 enue for the district in which you live, and must be filed by April 15th. Your tax return must be accompanied by payment of the tax due. If your net earnings from self-employment were $100 or more for 1959, you must make this return and pay the self-employment tax, even If you do not owe any Income tax. Self-employed farmers may use an optional method of reporting re-porting self-employment Income which may be to the farmer's advantage. Under this optional method of reporting, a farmer with gross income of between $600 and $1800, may report either eith-er his actual net income or two-thirds two-thirds of his gross Income. If his gross Income is more than $1800 and his net Is less than $1200, a farmer may report either his actual ac-tual net or $1200. The optional method of reporting allows a farmer with gross income of at least $600 a year to report self-employment self-employment Income and receive social security credits. He should report using the highest amount either actual net or optional amount, because future social security payments will be ba:ed on average earnings reported over a period of years. For further information concerning con-cerning your social security, contact con-tact a social security representative representa-tive in Cedar City on April 19, I960, at the Utah State Employ-ment Employ-ment Security Building, between ,9 a.m. and 3 p.m. |