 My previous employer didnt send me my W-2? |
| i have 2 previous employers(fridays, javas)whom i did not get my W-2 from. is there a way to report to the IRS and have them make them send me my forms? i dont want to call Java's up, but i ... |
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 Is this illegal? this is regarding taxes!? |
| okay my brothers friend hasnt worked in 2 years and he manages to brag about how he gets 3,000 for filing taxes.He showed us the taxcheck last year.He tells the tax preparer hes a selfemployed barber ... |
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 Should my boyfriend and I file taxes together and claim both of my kids? |
| My boyfriend and I had a son last May and I have a 10 year old daughter from a previous relationship. How should we file to get the largest return? Joint filing claiming both children, or should we ... |
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 Can someone go to jail for not filing taxes with the IRS? |
The only income received was from a regular job where taxes were deducted through payroll deductions.
Additional Details
Have not filed for 6 years and the only income received was from ... |
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| Can you claim your 2006 taxes that the govt took for student loans on your 2007 return as a deduction? |
| I had defaulted student loans in 2006 so the govt took my whole refund in order to help pay off my student loans. Well my loans are no longer in default and I know there's a place for student ... |
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 401k early withdrawal made in Feb 2008 - do I need to make a tax payment now or can I wait til Apr 2009 ? |
| I have withdrawn money from a 401k at a former job in order to pay down high rate debt. I waited to do so until into 2008 so this would not be part of the 2007 tax year. My thinking was that this ... |
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 I found free tax software online. is there a catch? |
| I came across this website offering free tax software to prepare your tax return for free. It even claims that you can e-file for free. I've always used TurboTax and paid for the software and ... |
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 How can I get my ex wife to pay for my children. She was paying via CSA..? |
| but she has stopped paying it because she is not "working". She now owes over £4k in payments and we are struggling to keep a house. Would it be possible to name and shame her on here? V... |
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 If your house price drops in value, can you claim a loss tax writeoff? |
| your house drops $50,000 in value, can you claim a loss? shouldn't property taxes drop as well?... |
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 Tax file for free? |
| all I need to do is file a state tax return. what is a good site to go under that offers it for FREE like they say. Can You Please help me find it. Thank You So M... |
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 WIll the irs take your refund if you owe back taxes? |
If you owe taxes from 2004. Will they take it out of 2006 refund?
Additional Details
I dont mind if they do - that will take care of it. I just found out I owed it by an audit. Just ... |
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 If self-employed and using your car for work, can you claim? |
| car insurance? My H&R Block preparer claimed it last year, but then the same one said we can't this year..and then, I said that we did last year and she just seem like she didn't know ... |
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 Regarding Stimulus Package? |
| I am a little confused with this stimulus package, I did not file taxes in 2007 because my checks are tax exempt, am I still eligible?... |
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| How many people know the truth about the Stimulus Checks? |
After reading this I had to laugh:
http://answers.yahoo.com
The stimulus check is an advance on next years tax refund. You will have to ... |
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Sallix | How do you pay taxes if you are self employed? |
I usually claim exempt for the first 6 months.
Additional Details
I am considered self employed. I work for an employer, but I am responsible for paying taxes. |
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Sonic is trying to stay Retired
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This sounds pretty fishy to me. Not in terms of your tax but what your employer is doing (given what you said). The reason being is that your "employer" would then be making you pay their portion of Social Security and Medicare taxes. By law, an employer must match exactly how much each employee pays for it. Being an independent contractor (self employed) means you pay for both portions. Also, your "employer" is most likely not paying any workers comp insurance on you so if you got hurt on the job, you could be screwed.
Here's a website on guidelines to employee vs. independent contractor. The main rule to this is, who is in charge of the work? If it is the employer then you're an employee. If it is you, then you're an independent contractor.
http://www.awwa.org/Sections/Sectionlibrary/EmployeeOrNot.cfm
As for taxes, you should be paying quarterly estimates on your self employment income. The S/E tax is calculated as such:
S/E net taxable income x .9235 x .153
On top of your Federal income tax rate for your income.
If you were an employee, you would only being paying the Federal income tax rate. |
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celeste
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You should pay throughout the year; otherwise, you may have to pay a penalty if your tax bill is more than $1,000. Use the form I linked below to calculate your estimated tax payments.
I'm not aware of a tax law that allows you to be exempt for part of the year. You should consider taking your books to a professional to make sure you're in compliance. |
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Steve
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Generally, you have to file quarterly and file an estimated tax return. When you fill out your taxes this year, you will need to fill out Schedule C to determine if you have a net profit or loss. If its a profit, then you also have to fill out Schedule SE for self-employment taxes. There are other schedules that you may need to fill out as well. Start by looking up Publication 334 on the IRS website.
Just curious, how do you claim exempt for the first 6 months if you are self-employed? |
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flrentnomore
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The Internal Revenue Service collects your Social Security and Medicare taxes.
If you are self-employed, your Social Security tax rate is 12.4 percent and your Medicare tax is 2.9 percent on the first 97,500.
You pay this when you file your taxes. Or if your getting a refund , say you have EIC, they will subtract what you owe from your refund and send you the difference, if any is due. |
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socaliguy
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Self-employed people are requried to withhold their own money for taxes and deposit them every quarter with the IRS. They IRS can help you and explain the rules to you. They will even send you the quarterly coupons to use. call 1-800-829-1040 or go to the IRS website and read about self employed individuals. If you don't do this you will have a huge tax bill at the end of the year because you never paid any taxes throughout the year like most people who have jobs (are taxes are taken out of our check automatically) as a self employed person that reponsiblity is yours. |
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akter61
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II would recommend anyone self employed to have an accountant do their finances. They make sure you dont screw up and lose your biz. |
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Gr8 F8
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you do a schedule c that flows to your 1040a
go to irs.gov for forms and instructions |
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1truthseeker
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In the beginning of your tax booklet there are articles that will explain how to file when you are self employed. |
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linluv2001
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mrtaxtips what is the self employment tax? you forgot that |
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