 ^^ :@ EMA SUCKS yes? |
:@:@ pissed off contact email?
does anyone know where i can write to or email
to complain about the ema system
i dont qualify because my dad earns more but not by that much
and it ... |
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 Hi, My daughter has left school and got her fist part time job.? |
She is only 16 and is being taxed on everything she earns.
Is this right? If not has any one got any advice on how i get the tax back for her or get a lower rate??... |
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 Has anyone got their tax rebate on time? |
| My SS #'s are 69, which according to the schedule the deposit date would be the 9th. I used DD when i filed in january. I am eligable for the rebate, but i have checked the irs website and when ... |
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 My girlfriend and I are, obviously, not married. Can we both claim our new daughter for taxes? |
| We are each filing our own taxes, but the code is a little confusing. Can only one of us claim our daughter, or can we both?... |
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 I received my husband and I's stimulus check and cashed it at the bank, Do i have to split it with him? |
| My husband and I are seperated...i received the stimulus check yesterday, Both of our names were on the check, I took it down to the bank, Only signed my name and they cashed it for me. My husband ... |
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 If we ALL stopped paying Tax.......? |
| would we MESS up the whole system if we ALL STOPPED paying taxes for, say, three months? would we all be made criminals?... |
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 STOP paying YOUR MORTGAGE? - England.? |
| Apparently I`ve heard that on the 1st March, 2008, everyone in England is going to stop paying there Mortgage payments for 6 months, in protest of mortgage Inflation....Is that right? and would that ... |
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 Has anyone refund status been updated yet? |
| wanted to know if anyone got their original date back to the way it first was because I know yesterday the IRS was facing a lot of computer problems? or is it still saying the 10th or the 24th?... |
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 Will I receive a stimulus payment if I dont file my taxes this season? |
| I owe for last season taxes still (1099) and I dont plan on filing this year, I heard somewhere that my stimulus payment will be credited to my owed taxes, is this true?... |
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 What will happen if your employer doesn't send out the w-2 by Jan. 31st? |
| Nobody has gotten a w-2 from this company as of yet. What happens if no one gets their w-2 by the 31st?... |
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 How do I prepare my taxes from my home computer? |
| This will be my first time filing my taxes on my computer. I file a 1040ez or 1040a, no kids, no property, single, no additional income outside of my job. What is the best software to use or does the ... |
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 At what point is it necessary to declare for tax purposes money received for a task? |
| For example, if I move and pay my friends $100 each to help me load the moving van, obviously no one is going to declare that as taxable income. The high-school kid who mows my lawn every couple of ... |
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 Who do u think will get bk more by claiming daughter? |
| i worked last year and my girlfriend didnt. she can file earned income credit right? do u think she could get more back by claiming her or would it be the same no matter if i do or she does?... |
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 Can we have tax exemption when we buy a new car? |
Additional Details
Actually i am a software professional, that's y i am ... |
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 I am so confused. Rebate checks direct deposit..? |
| We used Turbo tax for taxes and only had the fees taken out of refund. Our 2007 refund came directly from Federal Govenment NOT SBBT (I checked my statment) Will I recieve rebate direct deposit ... |
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Crash | About how much money would you owe, making $35,000.00 and getting a 1099 form? |
What kinds of things can I write off. I have never benn 1099ed before and Im really scared that Im going to get in tax trouble. Should I request to change to a W2? HELP! |
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Michael H
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As an independent contractor, you are responsible for all taxes on income, hence the prior answer is correct. You won't get into tax trouble as long as you follow all the instructions in the 1040 forms, or use TurboTax or TaxCut. One thing that will likely happen, tho', is that because your tax liability will be large, and you had nothing withheld, that you will likely be asked to file quarterly estimated taxes. If you have the option of becoming an employee, an hence, getting a W-2, I'd do so, since you can tailor your withholding amounts (via the W-4 form) to break even.
Note that your employer might not be in favor of converting you to employee status because his taxes increase considerably, and you become eligible for unemployment insurance.You might have to take a pay cut to get employee status.
If you are asking what you can write off, either you are going to spend a lot of time reading the 1040 long form instructions (which are very thorough), or you should use a tax preparer, or better yet, use tax prep software mentioned above. I have used TurboTax for 15 years (plus the cost of the software is, itself, tax deductible.)
Good luck. |
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randyssgirl25
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I would suggest that you do estimated tax payments every quarter next year because if you don't have a lot of deductions to claim you are going to owe quite a bit I am affraid to say I only made about 28000 and paid in about 6500 granted some of I will get back but I have a lot of deductions also! Best of Luck |
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dirkjohn69
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You'll have to pay all the tax on the $35k if you did not ask for any to be withheld. Depending on your circumstances, the tax could be anywhere from 18% to 30% of the total. |
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jseah114
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Well....just looking at self employment tax (SS and medicare), you are looking at 15.3% of your net self employment income. You do get a deduction for 1/2 of your self employment tax for regular tax purposes. The actual amount taxed for federal income tax would be based on your itemized deductions (if any) or standard deduction for your filing status, whichever is higher. Then also subtracting out your personal exemptions, you would get the taxable income number that will be used to determine your tax. And this is only accounting for federal tax. State tax is dependent on which state you live in.
Assuming single, with no dependents, and no itemized deductions, for federal alone you are probably looking at $4,945 in self employment tax and federal income tax of $3,203. So your total federal tax bill will be $8,148, which is roughly 23%. Adding in state tax, you could be looking really close to 30% tax in total.
Also, if you were a contractor for the entire year and did not make any estimated tax payments, you will also be hit with a penalty for underpayment of estimated tax. The IRS requires that you pay in, either through withholding or estimated tax payments, the lesser of 90% of your current year tax, or 100% of your prior year tax. If you do not meet this requirement, the underpayment penalty is equal to the interest accrued on the amount underpaid for the period underpaid. |
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bill the businessman
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whomever does your taxes will be able to figure this out for u quickly...or call a tax preparer.roughly, i would figure about 10%.write offs and deductions definetly u will
need a tax preparer depending on the type of work u do.... |
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patrickmcc55
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A 1099 means that you are not a direct employee of the company. Switching to a W2 would require you to be employed by the company. (something they will not want to do, as it saves them a lot to have you as a contractor).
first of all, you are responsible for your social security and medicare. As a 1099, you have to pay both the employee and employer share which totals 15.78%. (half of this deductible)
So you will have to send in $5,500 for that. Then you will have a tax liabilty as well, assuming you have minimal deductions, it would not be unusual for you to owe anothe $5000 in federal tax. If you did not file quarterly tax estimates, the government is also going to charge you interest.
Sorry for the bad news. |
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tonalc1
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The benefit of being an independent contractor (1099) is the amount of business-related deductions you can take to reduce your taxable income.
Here's a list:
http://www.irs.gov/taxtopics/tc500.html
You'll probably pay between 18-35%. |
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singingsoprano
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well, bear in mind, I'm no tax advisor...
but it depends on what you're being 1099'd for as to what you can use as deductions, and what you'll pay in taxes depends on your deductions. You're probably going to be around 15% tax...but not off of the whole $35K--off that amount minus money spent in order to do your job.
According to the IRS website You can write off 44.5c per mile for any business miles driven--or your can write off car expenses (gas, repairs, etc)
Business lunches/dinners/meeting expenses
Cost of materials, books, supplies
money given to charity
Student loan interest (there are rules for this, though)
Educational expenses related to your work (seminars, conferences, etc.)
Mortgage loan interest.
well, there are a lot of other things that may apply to your situation too. My best advice is to spend the couple hundred bucks to hire a tax pro, and have him/her help you prepare for next year. There are advantages to being 1099'd...but it does help to plan for your taxes throughout the year, and keep track of receipts, etc.
Good luck
Kat |
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deisel_20044
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35000 times .20 =7000 you'll get a little back
u will get monny back |
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