 How can Obama get away with raising taxes and calling it a tax break? |
This was a very interesting article, it didn't change my mind but if I had any doubts about McCain it would have: http://online.wsj.com/ar
What are ... |
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 A friend of mine has been given his p45? |
| he has been at this company for 8 yrs ,3 weeks ago his company changed from allclean services to allclean limited, and this week his p45 was in his pay packet, the reason he is being told is that he ... |
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 Wife passed away and can't cash stimulus payment ? |
My wife passed away and the bank wont let me cash the stimulus payment.
I asked the bank to cash it and gave them a death certificate, but they refused and that the check has to be ... |
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 Since the UK is bankrupt and everyone is in debt? |
how exactly has their been an Economic Boom ? There never was one, surely !
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It was ALL on credit and the Never Never, wasn't it?... |
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 My chldrn live with me but their dad gets to claim one of them for a dpndnt on his taxes. who gets refund? |
| I get to claim my children for earned income credit but their dad gets to claim one of them as a dependent! They both live with me full time so who gets the refund?... |
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 Does your tax rate decrease when you get to a certain age? |
| For example, if you make $50K and you are 75 years old, do you pay less in taxes than if you made $50K and you were 25 years old?... |
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 CAN someone with no income file taxes? |
| I know that you do not have to file if you have no income, but CAN you? I ask this because I am separated from the person I have two children with. This person has not worked one day for the entire ... |
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 How much will the government stimulus checks be and when will they be sent out? |
| Is it going to be based upon your income? I know I worked enough that i will probly receive one but I do not know how they are basing the rate.Is it 300$ across the board or 600$ for some and 300$ ... |
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 What is the last date for a gift to count on 2006 taxes? |
I will be receiving a number of financial gifts over the next few years and am wondering if a gift given today (or in Feb/March?) would still be eligible for the 2006 tax year.
Much as ... |
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 What does claiming yourself as an exemption on your tax returns do? |
| Theres a question on my tax return asking Are you claiming yourself as an exemption? Im not sure what this does if I claim it. Im not dependent on anyone so it says I can claim it but is this a bad ... |
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 I've been off work on injury. I receive no taxable money. Do I need to file a tax return? |
| I've been on workers comp. for the whole year of 2007. I receive tax free money from my company. Will I receive the same deductions as a normal person?... |
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 If I owe money to the IRS ($192) does that mean that I will not be getting a tax refund back? |
| My parents file my taxes and for some reason I ended up owing money. This is the first time this has happened to me, and I just want to know if I'll be getting any money back in a tax refund. T... |
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 What is the best way to file taxes when getting married, and we both have children from a previous marriage? |
| My fiance and I have children from another relationship, I have 2 and he has 1. Im concerned when we get married we will have to file jointly and we will lose that extra money. When married can we ... |
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 For tax purposes, is it better to be married or single? |
Will I get a bigger return if I file married or single?
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I am engaged right now and we're thinking of getting married before the year is over.... |
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d23man | Is it true that self-employed people pay more? |
income taxes? |
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PepsiLime
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Yes. If you are an employee, you are responsible for 1/2 of the social security tax (6.2%) and 1/2 of the medicare tax (1.45%). Your employer pays the other half of both. If you are self-employed, you are the employee and the employer, so you pay both halves of the tax. Of course, that's also provided that you report 100% of your income as a self-employed person on your tax return, which a lot of self-employed people don't. |
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Judy1
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Income taxes - no they don't pay more, they pay at the same rates, and might even be able to take some deductions that an employee with the same income could not take.
But social security and medicare - yes. The same total amount is paid in. But for an employee, the employer pays half of the total, the employee only pays half. For someone self employed, since you are both the employer and the employee, you pay both halves. |
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Michael K
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Yes.
When you're self-employed, you have to pay the employer's half of social security & medicare (7.65%) in addition to the employee's half (7.65%) for a total of (15.3%)
Now, you do get to deduct the self-employment taxes from your income, so the effective tax that you pay is less than 15.3%, but it is still more than the 7.65% you would pay if you were a W-2 employee.
I hope that helps. |
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BS_answers
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All of the respondents have hit the answer on the head. The message they are sending is one most employees do not understand about their employer. A few days ago there was a question about healthcare being nationalized and the person writing the question thinks his $100 contribution is all it costs. He did not understand that the employer has a much larger portion to pay. The same with SSID. The employee pays a portion but the employer also pays a portion.
This is a good question for people to review and try to inderstand how all businesses work. |
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MuthaFuka
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Bottom Line: Yes they do. I've been in business since 1-6-92 www.ttgsupply.com. As a sole-proprietor you file a 1099. All your deductions are subtracted from that total. As in one of your answers it is true, the employer has to match Social Security and Federal, but that's standard as a deduction for taxes. As A self employed business owner you have to file and pay, 1099's, 941's, 1040's. It sucks and since Clinton self employed persons do receive alot more breaks because of being considered a "small business" owner but alot less "freedoms" to write off, office entertainment (over $500.00 is split on 1099 and your personal 1040) furnishings, home based businesses (IRS 1098 if you own the dwelling) and etc....Is it worth being your own boss? Hell yeah, no one tells you what your paycheck is, but Uncle Sam does want his share. |
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CompLLC
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Yes, self employed people take the entire bite of the Self-Employment Tax (15.4%). However, they do receive a half deduction of SE tax on their income tax and do receive the option of getting more business deductions than a general employee has. However, some people reduce these taxes by incorporating and treating some of their wages as compensation (which is not subject to SE tax) because they are considered an employee under the tax code. |
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Mortgagemom
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Both prior posts are correct. The percentage a self-employed person pays is more, however the amount that can be written off as expenses tends to be more as well.
In my line of business I see a lot of tax returns, and I can honestly say that it irks me to see people who claim to make $20,000 a year or less living in million dollar homes! |
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Deliah
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Absolutely not! Many creative SE people, unfortunately for the rest of us, pay far less. |
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