 I did not file my taxes for 2005, what will happen.? |
| I was on deployment all through tax filing season of 2005 and totally forgot to file my taxes. I usually get about 400 to 500 dollars back every year so its not like I owed any money to the IRS. J... |
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 Should all British subjects pay tax.? |
| If one is British and live abroad, one can connive not to pay UK income tax. However, Americans must pay tax wherever they may live or risk not being let back into the homeland.... |
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 I haven't receieved my w2 form to file my taxes!! What do I do??? |
I can't get my employee to send it again because I cannot contact them...Is there an way I can do my taxes without the w2 form???
Additional Details
Is it true that I can still do ... |
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 Is there a sum to work out how to take of VAT? |
| My dad has asked me to post this question. He said that there is a simple sum to work out how to take of VAT, but I haven't got a clue! Can anyone help?... |
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 How Can I Get my PAN Card Number? |
AKAM SURENDRA VENKATAPPA
Letter not received due to Nonavailability at H... |
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 A question on council tax needs an answer please help? |
| just been told that my single parent discount is going to stop because i have an 18 year old full time student who still lives at home with me and his 2 younger brothers aged 13 and 5. i thought i�... |
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 I am... so lost (tax related)? |
I'm 21. I've never had a job ('til last year) that paid enough to make me file taxes...
...Then I got married in late 2005, me and the husband did it together last year but I... |
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 Did H&R block mess up my taxes? |
| I am 22 years old and worked all year. I made 13,000 dollars and my federal witholding was 1,285. I claimed my mother and my brother on my return. My brother is 17 but he is a full time student but ... |
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 Does my former employer have to mail me my W2 forms by law? |
| I believe I'm supposed to have my W2 forms in my possession by January 30th. Am I wrong? If she doesn't mail them to me, what should I do?... |
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 Do I file as single or married? |
| I got married in September of 2005. But because I was single for more of the year than married, someone said I could still file as single. Does it make sense to do that? How will I get the biggest ... |
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 What happens if you don't claim a cashed-out 401-K on your tax return? |
| Last year I cashed one out- it was only about 500 bucks but I don't think I claimed it on my tax return last year. The accountant didn't ask about it, either. Today I'm talking with a ... |
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 I'm 22 yrs old and never filed my taxes b/4! When I file can i still get money back from the past years or ... |
| or ... will i end up owing... i've been told both things! And how would I go about doing that (filing for the past years)?... Any one know?... |
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 I was a full-time student in 2006 and didn't file taxes...? |
| I made about $10,000 that year through an internship where I was considered an independent contractor (filed an W9). No taxes were taken out so being a full-time student I decided not to file taxes. ... |
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 Do I have to claim these tips? |
| I have been offered a job that pays by tips ONLY. I am wondering if I take this job do I have to file these tips as income on my taxes this year? I know that you are supposed to file tips on your ... |
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 How do I file my taxes if we are both single and both on the mortgage? |
| We are both on the mortgage, and we have both been paying. We are considered single, and not married by common law. Do we split the interests paid, and file it that way? So if interests equal 200, ... |
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 Is anyone scheduled to have their rebate dd this Friday (5-16) but the IRS web tool still has "no spec.info? |
Additional Details
Can anyone tell me what their last 2 digits of their social is that answered my question? Thanks.... |
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dundi | My employer doesn't withhold taxes, how do I know how much to save for taxes? |
I'm considering a contract job that has a W-9 form that I sign. How do I know how much to save to pay taxes? I'm married, filing jointly. |
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Dave W
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All depends on the amount of money you intend to make for 2008. You have to earn over $8,500, before any income will be taxed. Most young people will get a refund, if their employer deducted any federal taxes.
A good rule is to save about 10 to 15 percent of money earned over $8,500.
Also, you should find out if your employer will match your social security tax. If not, you will be paying about15% extra for that on total income under $108.000.. See my reference below.
Or, you can go to irs.gov, see my reference, and you can use their calculator to figure out what you'd owe with your expected 2008 income, and deductions for dependents and such. |
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Judy1
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It depends on your joint income which will determine your tax bracket. In addition to whatever your income tax is, you'll owe around 14% for self employment tax for social security and medicare. Probably total of 30-40% for federal, plus whatever your state tax is. |
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Lady Kay
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About 25%. If you take a job as a contracator you will be considered self employed , and have to pay the self employment tax (goes to your social security & medicare.) You will be able to deduct any expenses that you incur during your job. Mileage, travel expenses, meals while you are on the road, any supplies that you purchase, etc. Just keep good receipts. |
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Grannie
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Hi,
For Federal Taxes you can go to www.irs.gov
you can go under the self-employed section or go to Publication 15 under businesses, scroll thru the table of contents and look for withholding. They have a chart that will show you how much should be withheld depending on pay period and number of deductions. It's boring but pretty easy reading.
You will have to file estimated taxes and don't forget that you will also be required to pay social security and medicare taxes (both the employer and employee portions) which is a total of 15.3% of your pay (7.65 for the employee portion and 7.65 for the employer portion)
If you live in a state that has state income tax your state web site should also have a section for either small business or self employed that should give you a schedule of withholding amounts.
Neither is hard to do, you may not be required to send estimated tax payments, it depends on how much you'll make over the term of the contract.
Just remember that the employer saves not only the employers portion of the social security and medicare taxes, but also federal and state umemployment taxes.
So make sure you're getting paid sufficiently.
Good Luck |
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Nick Papa
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I have no way of knowing your income bracket, but if you and your husband itemize your deductions I would assume you don't pay the full tax rate.
If you itemize I would think 18% would be enough.
If you do not itemize 25% may be closer, but again your income bracket has a lot to do with this.
One thing you need to consider is whether you are required to pay quarterly estimated taxes.
The IRS requires the self employed ant most others who do not pay taxes be payroll deduction to pay an estimated tax quarterly. Those who do no pay quarterly are subject to tax penelty when they do file.
You should look into this.
Estimated taxes are paid by submitting ES 1040 every 3 months (April, July, september and January.).
If you find you have to pay this you can file ES 1040 and send in 15-20% of your income for that 3 month period.
Hope this helps. |
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linda
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about:
federal income tax 10%
social security and tax 15%
state employment taxes
unemployment tax 5 to 6%
in general your total tax burden state and federal, being self employed will amount to about 40% percent of gross income |
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ggaryusa
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About 1/3 |
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alrasby
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you can go to irs.gov, see my reference, and you can use their calculator to figure out what you'd owe with your expected 2008 income, and deductions for dependents and such.
http://www.nabdh-alm3ani.net |
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