Contributions to Individual Retirem... May 2, 2009
Net Earnings from Self-Employment - Qualified income also include income that is subjected to self-employment tax. For the income to be qualifying income, a person needs to be actively involved in the business that produces the income, he cannot merely be an investor. (Suite101.com)
Self Employment Tax Breaks Apr 2, 2009
But for independent contractors who have to pay an extra self employment tax, paying out can seem like a very heavy burden indeed ... Self Employment Taxes ... Any professional who fits the criteria of independent contractor or self employed professional will pay self employment taxes at the same time they pay their income taxes. (Suite101.com)
Breaks are available - even if you're not itemizing Mar 29, 2009
Self employment tax: Self-employed people pay both the employer and employee shares of Social Security tax, but they can claim half of what they pay as a tax deduction. Early CD withdrawal: People hit with a penalty for cashing in a certificate of deposit before maturity must report the full amount of interest initially credited to their account, but can deduct the amount they forfeited as a penalty to the savings institution. (Boston Globe)
AIG paying $165 million in bonuses Mar 15, 2009
Geithner, the man who did not pay $35,000 in self-employment taxes for several years, is now in charge of IRS.Geithner, the man who, as President of the NY Federal Reserve, conspired behind closed doors with the Wall Street mob and capo di tutti capi Hank Paulson on dirty deals for Bear Stearns/J.P.Morgan, Lehman, and AIG, is now in charge of U.S. banks and the U.S. Treasury where he can launder hundreds of billions of dollars more for crooked banks, for AIG the biggest bookie operation in U.S.,... (Insight on the News)
Painful mistakes Mar 1, 2009
Self-employment tax: Being your own boss means wearing two hats: employer and employee. "Not only do you have to pick up the employee portion of Social Security and Medicare tax but also the employer portion," Perry says. (Boston Globe)
Small Business Worker Classification: Independent Contractor or Employee? Feb 26, 2009
They are responsible for their own forms, including Schedule C, Profit or Loss from Business; Schedule SE, Self Employment Tax and Form SS-4, Application for Employer Identification Number. This is certainly a complicated issue and a very important one as small businesses continue to create jobs. (PR Newswire)
Free Advice Online for this Taxing Time of Year Mar 20, 2008
The TaxTalk section has help on the home-office deduction, health insurance deduction, self-employment tax and more. There s also help with doing your own tax return (or hiring a professional, business use of automobiles, last-minute tax tips and getting a jump on next year s taxes. (SmallBusinessComputing)
Today's tax question: Mar 20, 2008
Part-time work does not automatically make you subject to self-employment tax - USATODAY.com ... Part-time work does not automatically make you subject to self-employment tax. (USA Today -- Money)
Audit Red Flags: The Ones You Don't Want to Wave Mar 18, 2008
The Social Security number used will determine how you calculate the self-employment tax. For example, if a married couple had a Schedule C business and one of them had a regular W-2 job, it might be better to use that person's name and Social Security number as the owner of the business to reduce Social Security tax. (RealtyTimes)
From AICPA member Connie Brezik Feb 28, 2008
Consulting work may be subject to self-employment tax - USATODAY.com ... Consulting work may be subject to self-employment tax ... You are allowed a deduction for 50% of the self-employment tax which is 7. (USA Today -- Money)
Knox lobster landings drop again Feb 22, 2008
kamie wrote on Feb 21, 2008 10:12 PM:" I am a female lobsterman. I have been in this business for 30 years. Some of you seem to feel jealous. Why? Let me explain what work is all about. It is a 12 hour day, 6 days a week for 26 weeks. If you are fortunate, you will make enough money to take you through the other half of the year when you put in time and make no money. The lobster price is lower now than it was in the 1980's. The price of bait is more than the price for a barrel of oil - from... (Courier Publications, ME)
Health Benefits In A Small Corp. Feb 17, 2008
member Limited Liability Company and have been successful enough to have my spouse work for me. She will be employed full-time and will be. (New York Post -- Business)
$186K paycheck a stunner Feb 16, 2008
Subtract self-employment tax judges don't have to pay before comparing their billings to judges' "earnings". And don't forget to add on the occasional $12,000 computer and software needed to keep up with today's technology. (Atlanta Journal-Constitution)
IRS Answers To Tax Questions Jan 27, 2008
Using short schedule SE or long schedule SE for self-employment tax. Filing status, dependents, and personal exemptions. (Suite101.com)
Check, double-check to avoid common tax errors Jan 20, 2008
Not filing or calculating self-employment tax. If you are self-employed, in most cases you need to file Schedule SE, "Self-Employment Tax.". (North County Times)
Read more. . Jan 18, 2008
You reported your income by attaching a Schedule C or C-EZ to your Form 1040 and your self-employment tax on Schedule SE. After you formally retire, you would do the same if you continue to receive these types of incomes. When retired, you may receive a Form SSA-1099 for social security and/or a Form 1099-R for pension income, in addition to wages or self-employment income. (Williston Daily Herald, ND)
Get A Big Jump On Your Return: Sort Deductions Jan 4, 2008
MUTUAL FUNDSAND PERSONAL FINANCE. FOR INVESTOR'S BUSINESS DAILY. (Investors Business Daily)
Self-employed seek equity on health cost deduction Oct 15, 2007
Sole proprietors could save around $1,800 a year if Congress allows them to deduct the cost of their health-care premiums before calculating their self-employment taxes ... 3 percent self-employment tax, which covers Social Security and Medicare. (Buffalo Business First, NY)
Legislature kept busy Oct 2, 2007
Be sure to have the following information available Social Security number; birth certificate; W-2 forms or self-employment tax return for last year; military discharge papers if you had military service; spouse s birth certificate and Social Security number if he or she is applying for benefits; children s birth certificate and Social Security numbers if you are applying for children s benefits; proof of U.S. citizenship or lawful alien status if you (or your spouse or your children applying... (Beacon Villager, MA)
Wheat farmers enjoy bountiful harvest Jul 19, 2007
Wis Farmer, re :JIM wrote on Jul 18, 2007 7:27 PM:" the disaster releif may not be for the wheat crops,there are many different crops that are planted throught the spring and summer months such as corn, soybeans,oats, alfalfa,and so on, lots of crops were drownd out in the aberdeen area, pluse the farmers on the western side of the state are getting Frederal Funding cause u guys are in a major drought and they are haveing major hard times keeping hay and water to their cattle,just cause one area... (Rapid City Journal, SD)
Will Incorporating Benefit Your Business? Jul 12, 2007
The one area where you might realize some savings is in self-employment taxes, O'Connor says. "While 100% of your sole proprietorship earnings are currently subject to self-employment tax, a savings may be achieved because the S-corp's net earnings are not subject to self-employment taxes." The S-corp must pay you a reasonable salary, which will be subject to FICA (payroll taxes) at your current self-employment tax rate ... However, the S-corp profits net of your salary are not subject to... (BusinessWeek)
The College Savings Superpage Jul 10, 2007
These are deductible IRA contributions (as well as deductible SEP, SIMPLE and Keogh contributions), the student-loan-interest deduction, deductible contributions to medical savings accounts and health savings accounts, moving-expense deductions, half of the self-employment tax paid by self-employed individuals, the deduction for health-insurance premiums paid by self-employed persons, the deduction for higher education expenses; the deduction for certain legal expenses; the deduction for... (SmartMoney)
Wedding bells might give you the tax blues Jun 10, 2007
Unfortunately, it won't give accurate results if you are subject to AMT or self-employment tax or if any of your jobs will end before the end of the year. In those cases, the IRS recommends using Publication 919, How Do I Adjust My Tax Withholding. (San Francisco Chronicle -- Business)
Why sole proprietorship is most common, simplest business type May 30, 2007
You must pay federal income tax, along with Social Security and Medicare taxes, known collectively as self-employment tax. The income tax you pay is based on your adjusted gross income. (San Francisco Chronicle -- Business)
SCRIPPS HOWARD NEWS SERVICE CONSOLIDATED BUDGET May 18, 2007
Claiming a home-office deduction lowers your taxable income, which lowers your income tax and your self-employment tax. But it has some drawbacks. (Scripps Howard News Wire)
Secrets of a Successful Indexer May 2, 2007
The individual must bear all the costs of maintaining an office as well as pay self-employment tax and insurance. Consequently, it behooves an indexer to maximize the amount of material covered in an hour. (Suite101.com)
First Do No Harm Apr 24, 2007
For the self-employed, the health insurance deduction is not considered an ordinary and necessary business expense, and that means their premiums are subject to the self-employment tax. To achieve tax equity between all forms of business entities, the self-employed must be able to exclude health insurance premiums from self-employment tax regardless of the entity form under which they choose to operate, according to a position paper by the. (Fox News)
Good work Vista, you are moving in the right direction. The federal government isn't doing their job so someone has to step up and do it. I applaud your efforts. It's not perfect but it's a start More... Mar 30, 2007
wrote on March 29, 2007 8:18 AM:"Day laborers would be classified as independent contractors under the IRS code. This means that each day labor is a 'sole proprietor' of a business, and must file a Schedule C and a Schedule SE (self-employment tax - over 12%). How many day labors are doing this?". To Business License wrote on March 29, 2007 8:26 AM:"Illegal aliens are not eligible for any state or local public benefits. 8 USC 1621. Public benefit means any loan, professional license, COMMERCIAL... (North County Times)
Booyah Breakdown: Taxing Questions Mar 26, 2007
In addition, even a trader who elects to mark to market does not pay self-employment tax. So a trader generally cannot contribute to a retirement plan. (WOKR13 Rochester)
A taxing challenge Mar 26, 2007
But it also means she'd owe $113 in self-employment tax. Half that amount $57 is deductible, Stives says. (USA Today -- Money)
'Consumer Reports' rates best tax sites Mar 25, 2007
For the saver's credit or the self-employment tax, try H&R Block at www. hrblock. (AZCentral -- Business)
Why forming an LLC might be a useful setup for many startups Mar 14, 2007
According to the Internal Revenue Service, members of LLCs are subject to self-employment taxes. In a nutshell, if you are an LLC member, you must pay self-employment taxes on your share of the profits if any of the following conditions apply ... When the self-employment tax rate is relatively high, some business owners choose to form an S corporation rather than an LLC.. (San Francisco Chronicle -- Business)
LETTERS TO THE EDITOR Jan 18, 2007
By adopting a 23 percent retail sales tax on new goods and services, we could eliminate payroll tax withholding, income tax filing, the IRS, corporate income taxes, Social Security taxes, Medicare tax, death tax, self-employment tax, AMT, capital-gains taxes, tax audits, etc. without adding any tax collection infrastructure or administrative effort for employers and businesses. (San Francisco Chronicle -- Politics)
Congress and the Bottom Line Jan 17, 2007
Members of both parties view it as a revenue raiser" for the government, and continue to look at it as a way to pay for (AMT) repeal or relief. Acceleration of the 3 percent withholding mandate on government contractors: In 2011, every business that does business with government at any level will have 3 percent of each payment withheld. An end-of-session effort to accelerate the withholding provision was thwarted in the waning days of Congress last year, but it remains a live item to offset... (Fox News)
MIND YOUR BUSINESS Jan 3, 2007
3 percent self-employment tax on owners' salaries, but not on distributions. So there is a financial incentive to keep salaries as low as possible -- while ensuring they are still in line with the marketplace -- and pay yourself more in distributions. (San Francisco Chronicle -- Business)
