Are Fishing Boat Crewmen Self Employed? Crewmen on fishing boats are usually considered self employed by the Internal Revenue Service (IRS). You are considered self-employed if: you are an officer or crew member of a boat that normally has a crew of fewer than 10 people. you receive no cash pay other than a share
Are Fishing Boat Proceeds Subject To Se Tax? A fisherman is considered self-employed (and not an employee) and required to pay SE tax if he/she meets the following conditions: Receives a share of the catch or proceeds from the catch. The share depends on the amount of the catch. Is a fishing boat an asset?
Can A Fishing Crew Member Start A Corporation? You are considered a self-employed fisherman if you catch fish for profits and not for sport, and also if you also meet at least one of the following criteria: You either own or lease the boat used to catch fish. You either own or lease the gear
Can A Fishing Crew Member Be An S Crop? S-Corps – The S-Corp is an election on how your corporation is taxed. The S-Corp tax election can be advantageous for commercial fishermen due to the fact that you can pay yourself in two tiers: wages and distributions. Wages are subject to FICA taxes, which are