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Self-Employment Income
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Topic Summary

This topic described the new tax law changes affecting self-employment income beginning in 2008.

  • The standard mileage rate for business use of a vehicle in 2008 is 50.5 cents per mile from January 1 through June 31, and 58.5 cents per mile from July 1 through December 31.
  • The maximum amount of net earnings subject to the social security portion of the self-employment tax has increased to $102,000.
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