 I need my fathers tax return, because he is going to claim me as dependent. He won't give it to me though.? |
I am about to start graduate school.
My father provided a little more than 50% of my support last year, and because of that he is going to claim me as a dependent.
Thing is, I ... |
|
 Suddenly, they aren't taking out Federal Taxes? |
| I work at a job where I was making about 1,000 every two weeks. On my W-4, I believe filed as 0, instead of 1, because I didn't get my new W-4 in on time so it automatically filed as 0. Anyway,... |
|
 how do you track mileage? |
| im a mystery shopper, so i do a lot of driving to various places. i keep track of the odometer readings when i get in and out of the car for business purposes and anything in between i just mark as ... |
|
 I just filed my tax return last week. How long do I have to wait until I get my check? |
| I didn't opt for direct deposit and did not do it on the computer, how long do I have to wait for a paper check? Thanks.... |
|
 tax rebate for tourists in canada? |
hi, i would be going to canada for as a tourist
im planning to buy a macbook in canada since its cheaper compared to my country
but will i get a tax rebate for a macbook at the airport?
... |
|
 How much extra income does not have to be claimed on taxes? |
I have made about $150 of side income this year. While it isn't much, I didn't know if there is a limit to how much I can make that will not have to be filed next year. I live in IL.
A... |
|
 Bank deposits FD, income tax returns? |
I have a 3 year Fixed Deposit at a bank and a 5 year tax saving Fixed Deposit at another bank.
I have to file my income tax returns by this month end.
I was told that the bank would ... |
|
| How much will this be with taxes? |
| this jacket it cost $24.99 nad the taxes is 9.75... |
|
 I plan to invest money in LIC for short term duration,India? |
| My Age :24, Salary - 35 k per month. i have two sisters, their age around 16,20. so for my sister marriage, i have to start save money now. so which plan suits and benefit for me?.. short term means(3... |
|
 in NJ are hand knitted slippers taxable? Can I charge sales tax on them? |
| needed to know if clothing and accessories are taxable under the NJ state tax. Trying to earn a little on the ... |
|
 What is the HST (20 characters long)? |
I'm not sure on what this does exactly.
Anyone got some info?
I'd like to do some grocery shopping, in what way will this effect my spending??... |
|
| Please please please please PICK ME please? |
I know that walmart allows in store refunds up to 45 days without a receipt. But do I have to go to the same walmart I purchased it from?
All answers will be well appreciated :]... |
|
 Is 40,000 a year a good salary? |
| I just got out of college and my parents offered to let me live at home rent-free if I need to while I get on my feet. I have no kids or anything but will 40,000 get me far?... |
|
 taxable income in retirement? |
I am 66, single, retired, and in receipt of the state pension and a small occupational pension.
In total my income from these comes nowhere near my supposed 'tax free allowance' [of ... |
|
 How much would taxes take from 35,000? |
| How much would taxes take from 35,000? My mom won thirty-five grand on a scratch off lottery ticket, and we wanna know how much money she'll get back.... |
|
 Vat ID for Windows Marketplace? |
Hi,
I've decided to write some apps for the new Windows Phone and to sell them on the Windows Marketplace; however, Microsoft tell me that I need a VAT ID (I'm in the UK) in ... |
|
|  |
creedgaminghosting | What Self employment taxes do i have to pay , how much , and how? |
What taxes does one have to pay being self employed.
Self employment tax (social security and medicare) I assume , and then Federal & State taxes.
Could someone give me definites and what percentages do you pay on say someone making under $50,000 a year and how would you go about paying them. I looked on the IRS site and theres just a insane of ammount of information which is like no information at all.. Thanks for the help in advance.
Additional Details
And I live in Illinois .. By the way :) |
 |
 
Dan
|
Set aside about 10% and you should be fine. The first tax to consider is local business tax (city, then State). These are usually fixed fees and under a hundred annually (not sales or use tax, which is a percentasge). Federal tax will be annual the first year (form 1040, Schedule C). If you make quite a bit, the IRS will expect you to pay quarterly after the first year. A tax adviser will be well worth the $200 or $300 you might pay to have your returns done right, plus receive good business advise. |
|
Joseph P
 |
If you are so inclined you can buy Turbotax (-or whichever version includes small business, and also get the state add-in, - all pretty inexpensive- around $50-60).(You can even get last years version to use just for the leaning points and that would be even less cost)
Install it and go through the Interview, it will ask you all the questions about income etc.
This will give you an idea of what you need to prepare and pay. You can do what ifs and become familiar with requirements etc.
Then you can take it to accountant to finalize your return.
You may even find that you are comfortable with just filing it yourself. |
|
Jacob D
|
Best thing to do if you can not understand all that stuff from the IRS website is have a professional do it for you
H&R block is pretty good |
|
ninasgramma
|
Self-employment tax is in addition to income tax and is paid by taxpayers who have income from services they have provided as independent contractors.
For self-employment income of $50,000, approximately $7,000 is owed in self-employment taxes. The amount of federal and state income tax depends on the federal tax bracket of the taxpayer and state income tax rates.
Self-employment tax is figured on Schedule SE and included on the tax return. The tax is paid with the tax return. However, for this amount of tax, estimated payments should be made quarterly directly to the IRS using Form 1040-ES. If more than $1,000 of tax is owed with the tax return, interest and penalties apply. |
|
Pat
 |
If you want to be self employed, you have to learn to READ THE RULES.
http://www.irs.gov/businesses/small/article/0,,id=115044,00.html
And DO NOT go to HR Block.
They suck.
Really. |
|
Boomer Wisdom
 |
All of these things are best determined by a professional tax accountant. Otherwise you will be so overwhelmed that you will not be able to go about your business. Get a really good small business accountant, or you will be doomed. They're actually inexpensive, and will save you massive headaches.
I'm still in California, by the way :-( |
|
Bostonian In MO
|
I would highly recommend that anyone considering starting their own business invest a few hours of time with a local CPA or EA who specializes in small business tax issues. You need to learn how to keep your books as well as deal with the tax considerations. This is beyond the ability of the seasonal part-timers at the tax prep mills like Block. If you can locate a highly experienced full-time preparer or EA with one of them at one of their year-round offices they would be OK (but may be over-priced) but otherwise I'd stick with a local EA in private practice.
You'll pay roughly 14.13% of your net profit in self-employment taxes, plus income taxes that vary widely based upon your filing status, exemptions, deductions, etc. On $50k the self-employment tax alone would be $7,065. The Federal income tax could be as little as $0 or as much as $5,467. Since taxes are not withheld from your income when you're self-employed, you need to make quarterly estimated payments using Form 1040-ES. You also need to deal with state income taxes as well. |
|
| |
|
| | |
| Questions List |
Answers | Last Post
| | | |
10 | 36 minutes(s) ago
| | | |
10 | 39 minutes(s) ago
| | | |
10 | 3 hour(s) ago
| | | |
10 | 4 hour(s) ago
| | | |
10 | 5 hour(s) ago
| | | |
10 | 10 hour(s) ago
| | | |
10 | 1 day(s) ago
| | | |
10 | 2 day(s) ago
| | | |
10 | 6 day(s) ago
| | | |
10 | 2 week(s) ago
| |
|
Homepage 
Financial
Forum 
Taxes 
No Spam
Adult 
Gambling
Unfinished
Deception
Plagiarism
Not English
