Small businesses seek broad access to health exchanges Oct 27, 2009
3 percent self-employment tax, which covers both the employer s and the employee s share of Social Security and Medicare (FICA) contributions ... 50 in self-employment taxes. (Wichita Business Journal, KS)
Jobless Entrepreneurs Face Tax Minefields Oct 16, 2009
"The IRS is looking for both income tax and self-employment tax," he says. Then there are the deductions themselves, and the dangers they entail. (Time.com)
Links to former bosses bring jobs for ex-workers Sep 30, 2009
Former employees who have offers to do their former jobs as independent contractors need to educate themselves about self-employment tax laws. Contract workers need to understand the different status of a contingent worker compared to a payroll employee. (Fresno Bee -- Business)
How Do Prostitutes Pay Their Taxes? Sep 22, 2009
They report their income on IRS (PDF) and pay self-employment tax in addition to ordinary income taxes. Sex-worker advocacy organizations regularly receive requests for tax advice. (Slate)
Power Breakfast: Recession hits churches, Home Depot, health care Aug 20, 2009
Ministers must pay a self-employment tax on the portion of their compensation package that is designated as a housing allowance. As for pay cuts, most churches have an employment contract with the minister and therefore can not cut their pay since it is contractual. (Atlanta Journal-Constitution -- Business)
The Self-Employed Push to Repeal the 'Health-Care Tax' Aug 12, 2009
3% self-employment tax still applies. To be sure, there are some reforms on tap that will undoubtedly help self-employed business owners. (BusinessWeek)
What Everyone Should Know About Sel... Aug 11, 2009
What Everyone Should Know About Self-Employment. What Everyone Should Know About Self-Employment. (Suite101.com)
Consider the Tax Effects before Selling the Dairy Cows (28) Aug 11, 2009
When the tax return is complete, the family finds they have a total income tax bill of almost 30,000, plus nearly 1,475 self-employment tax from the sale of calves and other items. Withholdings on wage income covers about 5,000 of the tax, but there is an outstanding balance of about 26,500 due on April 15. (Agri-View, WI)
CQ: Health bills allow some a religious exemption Aug 4, 2009
But when the IRS began applying the Social Security self-employment tax to farm income in the 1950s and confiscating farm animals to pay the arrears the Amish resisted. Amish farmers argued that Social Security was a form of public insurance, and their religious beliefs prevent them from taking part in public or commercial insurance. (MSNBC -- Politics)
Summer jobs not exempt from taxes Jul 25, 2009
Taxpayers with earnings of more than $400 from odd jobs also have to pay self-employment tax ... "The self-employment tax is figured on Form 1040, Schedule SE." ... Generally newspaper carriers or distributors under the age of 18 are not subject to the self-employment tax. (Daytona Beach News Journal -- Local)
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)
