Financial Services Industry
Industry: Email Alert RSS FeedIns. sales earnings and self-employment income.
National Underwriter Life & Health-Financial Services Edition, August, 1991 by Kestel, April A.
Ins. Sales Earnings And Self-Employment Income
A considerable amount of attention has been focused in recent months on the subject of full-time life insurance salespersons who are treated as "statutory employees" for FICA purposes.
The IRS recently issued two letter rulings addressing the issue of how such a taxpayer calculates the self-employment tax on income from a separate business. The rulings clarified that for purposes of that calculation, deductions attributable to the taxpayer's work as an insurance salesperson may not be taken against self-employment income.
A 1990 IRS ruling clarified that the treatment of an agent as a "statutory employee" for FICA purposes does not make him an "employee" for purposes of the income tax deductions...
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