|
|
|
| |
|
|
|
IRS says 12 K gift per year [2007-03-26]
It was just in our Sunday paper that it is 12K per person gift -- up from 10K. My husband
$24k per year. [2007-03-23]
First, they can give up to $24k per couple per year. If the child is married, too, then that is doubled.
Second, taxpayers get up to $1 million in reportable gifts free of gift taxes. Married parents could thereby gift their kids $2 million during their lifetimes, without tax consequences, beyond the $24k they can give each year.
How are things working out for you? [2008-08-02]
I hated being an IC andwent to another company with employee status. There is only so much you can write off and then after the first year it I have a problem paying the IRS every quarter and usually couldn
Are you still working as an IC?
New to IC status and unsure about taxes... [2008-05-16]
Hi,
I have been with a great company since March 25 as an IC. I currently work for another company flex part-time as an employee, but want to quit them very soon! I have never worked as an IC before, so completely unsure about how to handle the taxes. I live in Illinois and was told by HR Block to take out 30% from my pay, but I am not sure this is right, seems a bit high to me. I was also told by a friend 22% for federal and 8% for state (but she lives in Wisconsin)which figures out to 30%, she thought HR Block was right, too. I am completely clueless what I need to set aside and do I need to pay this quarterly or wait until tax time? The company does take out SS so I do not have to worry about this. And do I figure this tax after SS is taken out or the total check. So far, I am very part-time, but plan to go full-time when Iquit my other part-time,and have not begun to do this as I figure I would be okay for now. I am paid every 2 weeks and got my first check in April. I will probably be claiming head of household next year, too, with 1 dependent.
Any advice would be appreciated from those of you who arefamiliar working as an IC. Any other IC advice is welcome, too, such as what I can deductions I claim at tax time, etc.
Thanks!
quarterly payments if you make more than $600 per quarter [2008-01-01]
I believe you are technically supposed to pay quarterly if you are self-employed/IC. As someone mentioned above, I think it The IRS really has no way of knowing whether you are self-employed until tax season comes around though, and as long as you are paying what you are supposed to and filing when you are supposed to, I don Just keep in mind that there is a separate SE tax on top of federal taxes...that can get some people in trouble because they underestimate how much it will be.
Taxes for people who file 1099 [2007-09-03]
IfI make $1000 a week andI file 1099 at the end of the year how much shouldI save for taxes? I live in Arizona.
does the SE tax cover fed and ss tax? [2007-06-19]
I'm filing my taxes late for 3 years. For each year I have the C-EZ and the SE form to go with the 1040.
Does the SE tax cover both federal taxes and social security? Is there a seperate ss tax form?
Thank you!
I know many, many who pay only yearly taxes [2007-06-12]
There might be a small penalty if you don As long as the tax guy gets his money he is not going to come after our little amount and if you pay the penalty, he doesn I usually do twice a year when I don I also know of at least 10 friends who are painters, contractors, beauticians, etc. and they don But it is up to you to have the money at the end of the year. That is where it comes in to play and that is why I usually send in June and December so that I don It would be no different than if you were an employee and did not have enough withheld -- then you pay by the 15th and sometimes have a penalty but you pay -- IRS is happy.
Quarterly taxes [2007-05-10]
I have never paid them quarterly (for 6+ years now). My accountant told me that as long as I paid in 90% of what my tax was the prior year, by December 15, there would not be any problem and so far this has proven to be true.
What happens if you don't pay quarterly? [2007-05-08]
Im a single mom. In the past, I have never owed much in taxes based on my income and the fact I have two children and always also qualified for the EIC. This year, I will only be able to claim one child, but I also expect to make only about 2/3rd what I have made the last 2 years running. If I take an IC position at this point and don't pay quarterly, am I gonna get zapped?
Are you married, single??? [2007-04-28]
If you are married you can have your husband over withold and not pay quarterly. And some years I have just not paid quarterlies and just paid the penalty -- which was never much for me. But on the IRS site if you search for quarterly forms, you should get the correct forms that you need. You do not need the 1040 until you file next year. To estimate see last year what your tax liability was and if it is entirely up to you then take off what you project as your write-off Again, you can go off of last years (2006) to see what you paid in taxes and divide into quarterly or thirds of half in you decide to just pay two times or three times estimates. But again, somewhere on the IRS site for forms, they should be there.
Self employment tax [2007-04-11]
This is just social security. You pay the entire amount of 15.75 but it is on your net income after all your deductions. That is why you have to take advantage of every deduction you can for your business. As am employee you pay 7.5% and your employer pays 7.5%. Since you are the employee and the employer, you pay the entire amount. But get a good tax book and see what deductions you can take and plan for next year to take as much as you can legally.
taxes [2007-04-09]
Yes, especially if you want to collect SS later. I just found this out this year myself.
Taxes [2007-03-31]
I used to be a freelance court reporter and I had to pay taxes quarterly before I was married. Once I was married, my husband I never had to pay a thing because it evened out. I am sure you can just pay at the end of the year what you owe. I would definitely check with an accountant first, just to be sure. I think most people pay quarterly so they don But once again, check with an accountant to be sure.
IRS says 12 K gift per year [2007-03-26]
It was just in our Sunday paper that it is 12K per person gift -- up from 10K. My husband
$24k per year. [2007-03-23]
First, they can give up to $24k per couple per year. If the child is married, too, then that is doubled.
Second, taxpayers get up to $1 million in reportable gifts free of gift taxes. Married parents could thereby gift their kids $2 million during their lifetimes, without tax consequences, beyond the $24k they can give each year.
|
|
|