 Is my employer committing Tax Fraud? |
| Im in the UK I work for a company that pay cash in hand I worked there for 3 months and all they took was national insurance then suddenly i started paying tax. Im suspicious cos I was paying tax in ... |
|
 Another question about stimulus check?? |
| i went to jackson hewitt the end of january and got the rapid refund check that you get in 24 hours. i didn't give them any bank account info so that means that i am going to get a paper check, ... |
|
 Tax Accident! Filed all 3 Jobs under ONE name!? |
| I really need some advice. I worked 3 jobs for the 2006 tax season and recieved all 3 W2's from my employers. I used TaxActOnline.com to do my taxes, but before that, I totaled all my jobs boxes ... |
|
 For those of you who DIDN'T receive your expected tax refund on 1/25? |
do you mind telling how you filed and what you claimed, to see if there is a pattern in the delays?
Additional Details
Also, how long did it take for the IRS to accept your return?... |
|
 Will our economic stimulus check be garnished? |
| My husband owes back child support. Our tax returns are usually garnished. Will the same thing happen to our economic stimulus check? If so is there a way for me to protect my portion of it?... |
|
 Stimulus REBATE Check Questions... HELP!? |
Ok I was due to get my 08 Rebate Stimulus Check on 5-9-08 as my hubbys last 2 digits of his social are 51.
We filed and received our tax return way before the cut off date and it was even spent ... |
|
 Is money deposited in a 401k plan tax exempt? |
My wife started making regular deposits in a 401k plan offered by her new employer in 2006.
Question: Is the money she invested in the 401k Plan tax deductible in 2006? In other words, do ... |
|
 If u make any courier is they will charge service tax or not? |
if u make any courier, they will charge such as Rs.30, 40 or 80
is the service tax will be included in the amount or ... |
|
 Can I claim our daughter? |
| I have no idea how this works or what's best. The thing is my husband and I both work and we earn pretty ok money.. he says I should tell the payroll dept i want to claim our baby as dependent ... |
|
 Does unemployment usually send a w-2 if you had taxes withheld???? |
| okay its almost the 31st and still no w-2 from unemployment, they do send one out right????? i had taxes ... |
|
 2006 child tax credit? |
| Can you make too much money to even claim the Child Tax Credit for the year 2006? If so what is the amount?? Thanks,... |
|
 What is the difference between w-2 forms and your federal income tax return? |
Additional Details
well I told my parent that I need the tax return and she said same thing but i think she was parranoid for me asking her for ... |
|
|  |
Jessica | Paying taxes, being self-employed? |
I live in cleveland tn & I deliver newspapers for the times free press. They consider me self-employed since they do not take out taxes. Last year when I did taxes I had only had this job for about 6 months and I also had 2 other jobs last year and had to pay in a little bit. This year delivering newspapers has been my only job and will be the whole year. I will make a little less than 10,000, the guy that did my taxes last year told me as long as this was the only job I had all year I would not have to pay in anything when I do taxes next year. Am I remembering this correctly? Does anyone know if this is true? |
 |
 
Charles G
 |
You are either remembering wrong, or the guy told you wrong.
You first have to calculate your taxable income, on Sch-C. Your income of, say, $10,000 minus your business expenses.
On that amount, if it is over $400, you need to pay self-employment tax. It works out to be approximately 15% of the profit.
Then, if the amount is high enough, you need to pay income tax. It would probably not be high enough for income tax without additional income, but you would still need to file. |
|
NanaS
|
Not quite. When someone you work for "takes out taxes" they withhold some money for federal income tax, some money for FICA (social security) and some for Medicare. When you are self-employed (your boss doesnt take out taxes, you have to pay a tax called Self-Employment tax (which covers social security and medicare payments) as well as federal tax. Can you use a computer? If so, you can use FREE FILE online and not have to pay the guy who did your taxes last year and charged you... After January 1, 2009, you can go online to www.irs.gov, click on Individual, and click on Free File. Its easy! Good Luck and God Bless |
|
Judy1
 |
No way to know what he told you, but that's not correct. You don't say how old you are or whether or not you are a dependent, but with income almost $10,000 you will owe a little bit of income tax, and most likely self-employment tax of around $1400. |
|
mightycpa
 |
Oh, so sorry, you are not remembering correctly, unless you also spend a great deal of money on gas, or maybe deduct a lot of mileage; which means you make $10K, but spent a tone of money to earn it.
Assuming this is not exactly true,
You will owe Feds about $500 in income tax, and about $1530 in self-employment tax. I assume you'll owe Ohio in the $100 - $300 range. You will also be penalized just a bit for not having paid anything in estimated payments....
However, there are some things you can do to reduce these taxes, if your parents are alive, if they own their home, and you act before December 1. With their help, there are a couple of tax planning "tricks" you can use to reduce the Fed and State income taxes to zero, and reduce the self-employment taxes to about $750, and your parents won't pay an extra nickel in taxes. If you have living grandparents who also own their own home, you can reduce it no taxes, and nobody pays any extra tax.
I am assuming that both your parents and grandparents would give you back any money that I would show you how to give them....
It is quick, easy and legal. But I won't disclose it here on this forum.
I am a CPA that not only prepares taxes, but can show you legal ways to reduce your taxes. Let's figure out a way to connect if you're interested. |
|
Alexandra V
|
I think you have to pay on all income over $500
go to paycheck city.com |
|
v b
|
Keyword: Schedule C or C-EZ
4.3 Interest/Dividends/Other Types of Income: 1099–MISC, Independent Contractors, and Self-employed
My son is a newspaper carrier. I would like to know if this income is subject to Social Security and Medicare tax and if I must file a Schedule C for him?
Your son may be liable to pay into the Social Security and Medicare system by paying self-employment tax. His employer should complete the other income box on Form 1099-MISC (PDF), Miscellaneous Income. Persons engaged in the trade or business of delivering or distributing newspapers or shopping news (including any services directly related to such delivery or distribution) are considered by statute as nonemployees and are treated as self-employed for all Federal tax purposes, including income and employment taxes. Self-employed persons report their income on Form 1040, Schedule C (PDF), Profit or Loss from Business (Sole Proprietorship), or you may qualify to use Form 1040, Schedule C-EZ (PDF), Net Profit from Business. See Form 1040, Schedule SE (PDF), Self-Employment Tax which must be filed if net earnings from self-employment are $400 or more.
References:
Publication 15, Circular E, Employer's Tax Guide
Publication 15-A (PDF) , Employer's Supplemental Tax Guide
PS, you needed to keep detailed mileage logs. Without them, you will have trouble proving your mileage and taking the deduction for that expense.
If your total income is $10,000, you could end up with $1400 of SE tax. |
|
Clark Kent
|
If your net profit is over $ 400, you will pay 15.3% self employment social security.
You can deduct the standard mileage allowance for car expense. That might or might not wipe out your profit. |
|
Jss
|
You are self employed or independent contractor. You will report your income and expenses on schedule C or C-EZ (Form 1040). This income is subject to SE tax at 15.3%. Read about self employed (or independent contractor) tax filing and payment of estimated taxes: http://taxipay.blogspot.com/2008/04/tax-filing-by-self-employed-sole.html |
|
wartz
|
It is probably true because delivering newspapers is one of the few places that slavery is still legal in this country. You will be using your car on the job and can write off 58.5 cents per mile, the IRS standard mileage rate. That will likely wipe out any profit you might make meaning you are working for free.
Have a nice day. |
|
| |
|
| | |
| Questions List |
Answers | Last Post
| | | |
9 | 36 minutes(s) ago
| | | |
9 | 3 hour(s) ago
| | | |
9 | 8 hour(s) ago
| | | |
9 | 10 hour(s) ago
| | | |
9 | 2 day(s) ago
| | | |
9 | 3 day(s) ago
| | | |
9 | 6 day(s) ago
| | | |
9 | 1 week(s) ago
| | | |
9 | 2 week(s) ago
| | | |
9 | 3 week(s) ago
| |
|
Homepage 
Financial
Forum 
Taxes 
No Spam
Adult 
Gambling
Unfinished
Deception
Plagiarism
Not English
