 Do we pay to much tax in the UK? |
I’ve been trying to work out how much money I actually give to Mr Brown per year and I’ve worked out I pay the following in tax a year:
£4505 income tax
£2052 National ... |
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 Is there a way to pay less income tax? |
| I make over $130,000 a year. My accountant just notified that I will need to pay over $20,000 in income tax. I am a strong believer in saving money, and therefore don't spend that much money (I ... |
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 Marital status on taxes when dating? |
| If someone is dating or engaged during the time they are filing taxes do they still file as single since they are not married yet?... |
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 Why hasnt my stimulus check come? |
| on the irs site it says i should have mine direct deposited by 5/9, i still havent gotten it?... |
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 Do you get a Tax Break for Graduating College? |
| I graudated from a 2 year collage useing federal lones in 2006. The College told me that because i regestered for class' in November i would not get any tax information this year. I was told by ... |
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 Can I write off the cost of gas commuting to work on my taxes? |
| I drive 120 miles to work and back a day, averaging about ~$250-300 in gas a month. Is there somewhere on the tax return form or some provision where I can write this off?... |
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 WIfe not working??? |
| I have been married to her for 3 years now, She has 3 kids, 18,13,10, not worked for about 15 years i believe. Am i being so wrong as to insist that she now gets a job? I was self employed a while ... |
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 Is water and sewerage included in the council tax? |
or is it an additional cost?
Additional Details
FOR AN FLAT IN AN APARTMENT BUILDING... |
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 I didnt notify the tax credit office that my partner had moved in with me, now i am being investigated?? |
Does anyone know what the procedure is when dealing with this type of thing???
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i am just worried that they see it as a fraudulent claim and i get sent to prison.... |
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 Do Homosexuals Have to pay taxes? |
| If they are not given the same rights as straight people that means they are kind of like 2nd class citizen and shouldn't have to pay taxes for a governmnet that doesn'y support them or do ... |
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 My father spent my inheritance? |
My great grandmother left me 10,000 dollars intrusted to my fathere in her will to pay for college and my father spent it before I turned 18 to recieve it. How can i go about getting it back?
A... |
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 Who all is supposed to get those tax rebate checks or whatever they r called and how do u exactl get them? |
| ive been hearing hat people r supposed to get an extra 600 in te mail who and how and when or f will we ge ... |
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 Do you have to report prostitution income on your taxes? |
Can I write off a pimp cane as a business expense?
Additional Details
Jeff: The invisible ink on the card clearly said that you need to purchase all ten parties at once. Is it my fault ... |
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 Why didn't she get the $300 per child for stimulus rebate? |
I was talking to my mother in law this evening and I told her I would look up her information on her check to see if it had been posted yet, it had been.
She is only getting $300 for herself, ... |
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 Can I claim an unemployed adult who lives with me? |
| My boyfriend and I live together and he has been out of work for a while. I pay 100% of all our expenses, including his child support payments. We are of course unmarried. Is there any way that I ... |
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courtneyc2002 | Does anyone know how to figure how much tax I need to pay as an independent contractor? |
I recently booked a few modeling jobs as an independent contractor and I have never done this before. Is there any easy way to figure how much I owe on the money I made? I just wanted to be sure I put aside enough come tax time. THANKS!! |
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stuligross
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www.irs.com. You are right to be doing this, because at the end of the year, you will get form 1099 -- and so will the government. You could now be subject to quarterly reporting and, even if you aren't you should do the forms, for they will give you a good idea about how much you should withhold.
Many things will depend -- what state are you in (have to withhold for state too!).
Essentially, you will owe for your income (federal and state), as well as for the employer's portion of FICA (social security), currently 7.5% (plus your portion, for a total of 15%).
I think Fr. Chuck is probably low. To be safe, I would put aside: 20% for federal, 15% for fica; 5% for state and medicare, total 40%. Of course, I am also assuming that you are in a relatively low tax bracket.
Good news, your expenses can be deducted, so keep those receipts.
You can either use the IRS website, or pony-up for an hour of time for a CPA, who can get you on track (I would go to the CPA, as he will know right where to go, and get you the forms and information). It will cost you a couple hundred dollars, but probably worth it. You only need to see him once, so this is like a "start-up" cost. |
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extra_37
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You self employment tax will be calc'd by taking the money you made and multiplied by 92.35%. If this is less than 90,000, then mulitply by 15.3%. If more than 90,000, multiply by 2.9% and add 11,160. This will be your self employment tax. You will also have to consider your income tax, which would be based upon your net income, which could be as low as another 10% or as high as 35%. You should consult a tax professional to help you with this as it can get VERY complicated. |
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Granny 1
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If you are going to run a business you need an accountant |
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Josh
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hey, I'm an accounting student in college right now, tax is my specialty, email me with how much you made, marital status, and number of dependents, I can give you a round bout amount. Basically you will have to pay in estimted quarterly payments towards your tax using form 1040ES. Also be aware there is a self-employment tax of 15.3%, this can get more complicated depending on how much you made. Also you get half of this tax as a deduction too. Just email me and I can tell you more. |
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littlebettycrocker
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go to: http://www.irs.gov/businesses/small/index.html |
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Rebecca
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I did some contracting work. The tax was about 25% ....so be sure not to spend all your money, or come tax season you're screwed!! |
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Susan S
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You will owe income tax on the amount earned at your tax rate - probably 15 or 18%. Then you will owe an additional 15% on the total amount for Social Security Tax. When you are employed, the employer pays half of the SS tax. So in general, figure you need to put away 30%. |
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fr_chuck
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Depending on your tax rate,
but you will have to pay all of your social security that is 15 percent before any income tax. So what is your normal income tax level 20 percent ?? 30 percent ?
Also are you going to have any liablity insurance, you hit a nail, it hits a pipe, the water starts a fire and the house burns down. That sort of thing
But you should set at least 33 percent of your income back for taxes. |
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fcas80
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Hire a tax accountant.
You can deduct certain expenses from your income.
But you will have to pay federal and state income tax, and Social Security tax as a self-employed person. |
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cherokeeflyer
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Go to your bank and open up a "tax account" based on your income there are tables to tell you how much to with hold, dont forget social security and state taxes. My bank files and sends the funds to the govt quarterly for me. |
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R J
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...you just go to a tax accountant and they'll tell you. |
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Don
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You are required to estimate your next quarterly earnings, and pay in advance. If you under estimate, you will be penalized, over estimate, and get a refund. 1099 is the form I think. |
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Nan
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Hey Girl,
I know for a FACT that the IRS gets...25% of you reported earnings. At least in TEXAS they do. YEP right off the Tip Top! 25%
YEEE HAAW |
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eugene65ca
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It's usually 30% |
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