Voluntary Tax

Posts Tagged ‘medicare’

self employed tax calculator

And my second job I am self employed. I usually come pretty close to 40 or more hours a week on my second job. What I am not sure about is I want to hold back enough Federal & State taxes so that I don’t end up paying at the end of the year, but I don’t want a large refund either. I am one who likes to have their money weekly. None of that refund stuff for me. I want my money now. My employer deducts Fed, state, local, medicare & social security so will I have to do that with my SE taxes as well or will I be pretty much covered? And I find many calculators but none where I can use both employer taxes and SE taxes? Any suggestions? Anyone know of any loopholes I can look into. I have 3 children and I take care of a disabled aunt as well.
Okay, to clarify this alittle more. I am both self employed and I work for a large firm. I know that when you work for someone else, your employer matches a portion of your tax deductions. When you are self employed you have to pay those yourself. I would like to be able to fix it so that my employer is paying my taxes and on my self employed job, I don’t have to pay as much taxes without oweing a lot at the end of the year. Is that alittle clearer?

payroll tax rates

Need answers from accountants or payroll professionals please.

I don’t need to know any tax rates.

I should have the following deductions:
Social Security
Medicare
Federal Tax
Federal Unemployment
State Unemployment (SUI)
Is this correct?????

How often do I send a liability check to the State and Federal??? Monthly for each???

What tax forms do I have to fill out and when??

Thanks, any help is appreciated.

payroll tax rates

If you make a commission on top of normal pay does it get taxed double the amount of your normal pay? We recently got a commission check and it was taxed twice but that makes no since to me since payroll taxes is only 7.65% (only medicare and social security).

payroll tax rates

According to a summary of the payroll of Scofield Industries Co., 0,000 was subject to the 6.0% social security tax and 0,000 was subject to the 1.5% Medicare tax. Also, ,000 was subject to state and federal unemployment taxes.

a. Calculate the employer’s payroll taxes, using the following rates: state unemployment, 4.2% ; federal unemployment, 0.8%

b. journalize the entry to record the accrual of payroll taxes.
those did not help at all. Can someone please help me answer this?

self employed tax calculator

We paid taxes because of my self employment but we ended up getting like 3900.00 back or 2900.00 back so basically I paid taxes because of my medicare and into social security on paper but never had taxes taken out of my income and actually got a refund my husbands income was tax free because it was disability and under a certain amount. Will I get 300.00 per person for the stimulus package or will we get 600.00 per adult? I think we grossed over 25K but didnt pay taxes like I said because we got the EIC because hubbys income wasnt earned just mine was.? I dont want you to give me the link to check how much we would get because I cant use the refund calculator because I dont know the exact amounts. My real question is if you made 25K but didnt pay any actual taxes out of your money because of EIC do you get the full 600 or the 300?

Thanks!

1099 free payroll check

Many in my work received this settlement check. Im just not sure how to file them for taxes. It is split into two forms a w-2 and a 1099-misc.

Says please keep the attached w2 and 1099 for your 2009 tax return:
Allocated Amount: ,548.01
Amount Not Taxed: {content}.00
Amount 1099: 4.01
Amount w2: 4.01
Fed-SS: .99
Fed-Medicare: .22
State-SDI: .51
State Tax: .44
Federal Tax: 3.50
Misc: {content}.00

Check Amount: 40.35
The paper also says
" 50% of each settlement share is allocated as wages. Accordingly, the wage portion will be reduced by applicable payroll tax withholdings and deductions, and will be reported on an IRS form W-2. The remaining 50% is allocated as interest and penalties. Accordingly, this non-wage portion will be reported on an IRS form 1099"
The check was for 1240.35 not for the amount of 774.01 as it is split into for the w2 and 1099 each.
so now im just cofused

The check was for that amount and looks to have been taxed when i add the w2 for the my taxes it adds money for my return, but when i fill in the 1099-misc it takes it all away as if has not been taxed. Im doing this with HnR block free edition online.
Please help, I have no idea what to do here,
Should i only report the w-2 and not the 1099, nothing at all or both??

payroll tax rates

In other words, there marginal income tax rates of 33% and 35% will go up to 36% and 38%, respectively.

PLUS, on social security (the "payroll" tax, which the government originally sold as "insurance" even though it gets minimal, sometimes negative, growth) Obama wants to lift the INCOME CAP (currently at 2,000); SO, those making > 0,000 (including many small businesses running as Subchapter S corporations) will pay an ADDITIONAL *6.2%* (out of the 7.65% payroll tax, 19% [the 1.45% rate] is for Medicare & the other 81% of it [at the 6.2% rate] is actually social security).

Therefore, again, ON TOP OF THEIR ALREADY HIGH TAX RATES, THEY’LL HAVE TO PAY 9.2% EXTRA ON EVERYTHING OVER 0,000.

http://online.wsj.com/article/SB122385651698727257.html

http://taxes.about.com/od/2008taxes/qt/2008_tax_rates.htm