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How to report self employment tax that is under $1000?
sorry I keep asking questions about this, just struggling to understand it From what I understand, I do not have to make quarterly payments on my self employment tax because I am estimating it to be under $1,000 for the year. In addition, my husband is having extra with held from his paycheck, which should more then cover any taxes that I would owe anyway. My question now is….when it comes time to file jointly our 2011 taxes, how do I report the self employment income that I’ve made? Would this be considered " misc. income" at that point? Please keep your answers simple taxes are way out of my realm of comprehension. Thank you so much, don’t know what I would do without you guys
Didnt pay self employment tax quarterly will I get in trouble when I file taxes?
I would have but I didnt realize I had to until today when I began looking it up. I have the money to pay the taxes so will I get in trouble when I file?
How do I deduct one half of my self employment tax?
I am doing an ammendment for my 2010 taxes. I was self employed and my income from my self employment was 10,500. My expenses were 2,000 with a net profit of 8,500. I understand that the 8,500 would be my adjusted gross income. What I dont understand is how to do the one half deduction of my se on my ammendment. My se tax would be 1201. So does this mean I pay 600 in my se tax? Help
Can anyone give me advise on self employment taxes,?
I didn’t file for a few years and now i’m looking at a lot of money i can’t pay. any advise out there.
Can business expenses be used to offset self employment taxes?
My son received 1250.00 this year for modeling. He also paid out $500.00 for headshots and had other miscellaneous business expenses. Can these expenses offset the self employment taxes?
Why is self employment tax so confusing?
I understand the 15 % of 92 % of your net self employment earnings. But then you reduce your net self employment earnings by half of your the SE tax and then pay income tax on that too.What is the goal of this complex process?
Self Employment tax, confused please help!?
This is basically what it says on turbo tax One Half of Self Employment TaxYour federal deduction for self employment tax is $690.Enter the following information, and we will compute your California deductionSelf Employment Income From California SourcesSelf Employment Income From All SourcesDoes that mean for the self employment income from California sources, I put the total amount of money I earned in california? or the amount out of the $690 that I believe belongs to california?For all sources do i put down the $690 number? or the complete total of my earnings? I lived in California for the beginning of the year until about August 8 I’m from California then I moved to DC for about 2 months then to Minnesota at the end of December, so my taxes are really confusing me this year. I was also on W2 for the beginning of the year, got switched to 1099 MISC for that same job around the end of April then switched jobs to another 1099MISC employer. All the help is very appreciated, this is my first time filing 1099 MISC and also the first time I’ve ever moved states.
Self employment tax in NYC?
Hi, I live in NYC and I had a question about self employment taxes. I make about 80K a year and am self employed. How much tax total should I expect to pay, state, federal, and self employment tax. Please only answer if you know for sure. Thanks.80K is taxable income, after expenses and such. I’m single as well. Thanks.zero dependants, or rather 1 myself.
Rental Real Estate LLC and Self Employment Taxes?
My wife and I have a Rental Real Estates LLC where 12 hold all of our rental properties. My wife has a real estate license and perform some adsistant work for one of the big real estate firm as her part time job. She is just back office admin, not a dealer in the transaction. She actively manage the properties in the LLC and spend a large amount of her time in the real estate rental activities of the LLC. We file as a real estate professional since she qualifies as one and spend lots of her time to the activities. We get the passive loss deduction from rental loses. We file 1 return for the LLC and 1 joint return on the personal. The scenario works well when we have real estate rental loses as we can deduct against active activities however, how does the picture changes when we have rental income?1. Since this is a rental real estate LLC, is the income we file on our 1040 exempt from self employment tax?2. But since my wife activities allowed us to file as a real estate professional, does this filing status changes the answer to 1 above on self employment tax? My concern here is, I understand that rental income from real estate rental LLC are exempted from self employment taxes probably because it is a passive activity , but if my wife and I are filing as real estate professional, do we have to pay self employment taxes?
Self Employment Tax on LLC as a Side Job?
I have a regular 9 5 job that I am being taxed on claiming 0 in the state of Wisconsin. I want to start an LLC as a side business but I am unsure as to how self employment tax works. Say I make 35k a year from my 9 5 job and 3k per year from my LLC do I pay self employment tax on only the 3000 from the LLC or do I pay self employment tax on my TOTAL income of 38000 dollars? If it’s my total income couldn’t I theoretically lose money because being taxed 15 % on the total of 38000 would be more than the 3000 I made in profit from the LLC? Please help.
Self employment taxes for the booth renter?
I just got my cosmetology license and im thinking about renting a booth at a salon which would make me a independent contractor. I dont know what to do to keep me out of trouble with the IRS. What will they do send me a form for self employment taxes or will i have to look for it and print it. Is there like a certain time period they send it in? When could i get a tax professional to help? I dont even know how to do that IM 18 Please helpQuarterly would mean every 3 months right. So I could get a tax professional to help me out every three months?
Self employment taxes?
General question on self employment sole trader . Does anyone have any advice or similar situation. I work part time but also have micro business at home… I would say that the business at home is for just " extra cash" , I pay taxes with the part time job as per normal. Just come tax time what to expect? Just need advice on how it works.
Self employment tax for last quarter 2011?
I recently moved to a different state and started working as an independent contractor for my company on October 24th, 2011 and have a few questions about how and what to file for taxes. By January 15, 2012 I will have made $6,700.I have the form f1040es. Will I need anything else? Also, as I understand I will not have to pay Federal tax on top of that, and only state tax if my state Colorado requires it? I read that I will need to pay something like 15 % for Social Security and Medicare. Is this correct?Thanks so much in advance.
If i made $33,337 as a consultant in 2011, what would my self-employment tax be?
I had no other sources of income.
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