Voluntary Tax

Posts Tagged ‘self employed tax’

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?

self employed tax calculator

If I’m self-employed and I only made 5000 dollars last year and the standard deduction is 5300 does that mean I won’t have to pay any income tax at all? I try using all these calculators but they all say that I’ll be getting 300 back and that cant be right.
Let me add some more details here.
I do videography work, it has all been for the same company and they will be sending in a 1099.
I’m 25 years old, unmarried, no dependents.
what form will I have to fill out? a 1040?

self employed tax calculator

Here’s the deal. I went onto the IRS’s website, the withholding calculator and entered by my wifes and my income information. Together we earn just under 200K. We have one child. When I entered her yearly income this year and mine, and entered ZERO for all taxes paid so far (just so I could know what the total bill would be) it came out to about 29K, which is really only about 17 percent. 17 percent? Now, I realize we both still have to pay our SE tax, yes, ouch, bec we’re both self employed but still, only 17 percent? i’m as anti fed anti tax as they come but is 17 percent really what people are complaining about?

self employed tax calculator

This year I have been working for a company that pays cash, with no taxes taken out. I’m kind of worried cause next year when I file for taxes I might not qualify for the earned income child credit. I went to the H&R Block website to try their tax calculator, to get an estimate of what I might be getting next year. I put I got "another source of income ", and the results say I won’t be getting anything back, but I put "self employed" and I might be getting something back. So do I say I was self employed? Also I know I’m gonna have to pay alot of back taxes, how do I know how much I’m gonna have to pay back?

self employed tax calculator

Let’s say you make ,000 a year and Obama doesn’t raise your taxes. But let’s say he imposes a new tax on your employer: 50 percent of what he pays YOU, even if you are self-employed.

Is your employer still going to pay YOU ,000 a year?

Nope! Even if you get a tax RATE cut, you will get one hell of a wage cut.

That’s Socialism 101. Your Instructor is Barack Obama.

Whether you support Obama or McCain, ask yourself this question: How can Obama cut taxes for 95 percent of the American people when 45 percent don’t pay any taxes at all? Is his calculator misfunctioning or is mine?

self employed tax calculator

Hi, last year my husband earned approx £18500 whilst I stayed at home with the children and took care of them. We were paid approx £3500 in tax credits over the year. This year we filled out the review pack and stated that I am now working (self employed) and our joint income would be £30000 approx. They said our award for this year would be the same as the amount hadn’t gone up or down by more than 25k. The situation has now changed and I am on my own earning £12000 roughly and I have checked the tax credit calculator online and it seems that although we have lost my husbands £18,500 the tax credits dont change? It will be a struggle on my wages and tax credits but I want to work so any ideas? Really cannot afford to get this wrong!
Cheers,
Donna.
should have said my income is £12000 before deductions.

self employed tax calculator

I started cleaning houses the beginning of last year. Well come time to do taxes, all I had were hand written documents that I had done myself throughout the year. I had written down mileage to and from the homes, dates supplies were bought and the cost of them, the dates I worked and for whom and how much I was payed and so forth – I had no reciepts of anything (I can never keep up with receipts and such) – I always just wrote everything in my notebook at the end of the day, If I bought supplies, I would write it down…ect ect. Well the woman had accepted all of my written documents and such, and my taxes were filed and done….she didn’t even copy them and she didn’t say I needed to do it any other way for the next year – well now Im facing the same thing this year – I have all my written documents, but no receipts – will this be a problem this year, or the same as last?

When using the H&R block calculator for taxes, they ask for w-2 grosses… what calculator can I use to see approx how much I will get back being self employed with 2 dependents?….

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!

self employed tax calculator

I live in the state of California in Los Angeles County. Is there a tax calculator online? I don’t want to do my income taxes next year and find I owe money! I do not have the financial ability to hire an accountant to assist me. Thanks for your help!

self employed tax calculator

A question on Tax Act asks for Principal Business. It says, "Describe the general business activity and the type of product or service for this business."

I was a freelance writer for Demand Studios which means I was self employed. What would I put here? "Internet Freelance Writing?" Also, would the Business Activity Code be the one that says "Independent writers, artists, etc.?"

Last but not least, it asks me to identify the accounting method used to record the results for the business. It says, "If you have inventories, you must use the accrual method to record sales and purchases unless you are a qualifying taxpayer or qualifying small business taxpayer. You also must keep account books in order to use the accrual method."

I didn’t have any inventories. I calculated my payments using the Demand Studios website and a calculator. I didn’t keep books. I mean, I only wrote articles for a website. I am so confused. I filed with Tax Act last year but I don’t know if it’s just me but this year seems more confusing.