 Is it too late to turn in your 2005 taxes if you don't owe any money? |
| i know i don't owe any money, but i know i will recieve money from my 2005 taxes, is it too late to send them in...or can i still send them in?... |
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 How much do you pay for a pack of cigarettes in your city? a Carton? |
| I am doing a research paper on the sin tax of cigarettes and would like to compare the prices of cigarettes in my city to those around the U.S./World. So How much do you pay for a Quality Pack of ... |
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 Why do my husband and I owe so much in federal and state taxes? We hardly make any money!? |
| My husband and I both live and work in Kansas. We made a COMBINED $42,658 in 2007. TaxACT says that we owe $1,082 in federal taxes and $319 in state taxes. I don't understand. Would it be better ... |
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 I am married and have 3 kids, what should I claim on my taxes? |
| I'm reading alot of dave ramsey stuff and he says that if you are getting a huge tax refund, you are lending the goverment money tax free. I was thinking about claiming 10, so I would have more ... |
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 Can I claim many W4 allowances, then put extra cash into savings, then after paying taxes, keep the interest? |
| If I keep every cent, I can earn interest on it instead of uncle sam, then I'd still have enough (assuming I had the discipline to not spend it!) to pay everything I owe in April. I'm ... |
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 What is a reasonable mileage allowance to expect per mile? |
I will be travelling about 500 miles per week to work and back and i am going to be paid for this.
Additional Details
This is MOT for business use, only to travel to work and ... |
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 Is everyone getting the tax rebate? |
| my parents don't think they are getting anything ... |
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 Okay, how long should it take for this check to get here? |
| My rebate check was mailed out on Friday. It's been 5 days. I thought it would AT least be here by today. The IRS website says expect it 3-5 days after it's mailed. Today is day 5 and I ... |
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 Since the kiranawallas and the vegetable retail shopowners do not pay taxes why we should support them? |
| The kiranawallas and the roadside vegetable and eatable vendors do not pay taxes which is a big revenue leakage for the govt. The big retail chains will give employment, pay taxes to the govt. ... |
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 Why do our taxes pay fof puplic access tv when no one watches it? |
i can honestly say that i dont know anyone that watches puplic access tv so why does the government make us pay for it
Additional Details
i meant to say "for" instead of "... |
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 We bought a house last spring. How does it affect out income tax return? |
| I have heard from some sources that we will have to pay, but have heard from others that we will get a return. We both claim '0' and both had an extra $5 taken out of each check for federal.... |
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chippie | As an independent contractor, what percentage of my earnings should I set aside for taxes? |
Additional Details
This is for part time work on the side. I have a regular part time job, so my earnings will probably be less than $10,000 a year.
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PepsiLime
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So many answers, and all of them incorrect in one aspect or another.
As an independent contractor, your earnings will be subject to regular federal income tax (at whatever your tax rate is), state income tax (at whatever rate your state is, if they have a state income tax), and also, self-employment (SE) tax, which will be taxed on your net earnings from being an independent contractor. You will file a Schedule C for being an independent contractor and report all the income and expenses from the business (I have included a link to various expenses for a self-employed person such as yourself) to come up with a net profit/loss from your business. If your business has a profit of more than $400, you are liable for SE tax, which is 15.3% of 92.35% of the net profit. This is equal to the social security and medicare taxes that would be taken out of your paycheck and matched by your employer if you were an employee getting a paycheck.
As a self employed person you are required to pay quarterly estimates using form 1040-est. The estimates are due 4/15, 6/15, 9/15 and 1/15 of the following year. You will not have an underpayment penalty if you pay your estimates so that you have paid either 90% of the current year tax (awfully hard to do since you won't know that until after the end of the year) or 110% of the prior year tax (110% for high income persons).
Side question for Tigger321. What kind of business form do you have that you pay yourself as an employee? If you have an 1120 or 1120-s then you can put yourself on the payroll and pay yourself as an employee. If it's just a Schedule C business, then you're not supposed to put yourself on payroll. |
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Judy1
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What matters is your TOTAL income, since it all gets added together on your 1040. If you are in a 15% bracket normally, set aside about 1/3 for federal - if you are in a 25% bracket already, then 40%. This is in addition to whatever percent your state will charge - that could be from zero to close to 10% depending on where you live. |
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P.A.M.
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If you are a small, independent contractor and you have to pay tax, what you need is a new accountant, not a bank account with money for taxes. |
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Flyboy
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Here is the key: Self employeed people must set aside an amount equal to the tax due or else a minimum of 110% of last years taxes (safe haven). There is no fixed percentage contrary to the well meaning answers above. |
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jakester2199
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in nys state i made 97,000 give or take a little...between the fed (irs) and state i paid 25,000...get in touch with a CPA or tax preparer and they can set you up to make quarterly payments so you don't have such a "BIG" hit at tax time |
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Tigger321
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As an independent contractor / small business owner myself I usually pay myself as a regular employee and depending on where you live ( state income taxes vary ) I keep 15% out for taxes. |
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kattsmeow
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If you plan to gross over $60,000 or $70,000 I would withhold 33% for Federal, 14% for Social security and whatever your state tax is, around 5% to 7%. The first $20,000 is taxed at a lower amount so I would take that into consideration. |
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beccasmom99
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I would suggest at least 25%. Get an accountant to review your earnings (or projected earnings if you're just starting) - they can give you a beter idea. |
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Smarty Pants
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I believe it's 10%. Contact the IRS and they will be able to tell you for free. |
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