Posts Tagged ‘payroll’
Tax Table Self Employed
February 18th, 2007
Question: As a nanny, how should I handle taxes?
I know there is a website www.4nannytaxes.com where you can have the family take care of taxes for you but I see that it is expensive and that families usually don’t want to do this. I also know about the option to file as self employed. What are the benefits of each? Disadvantages? Is it hard to file as self-employed and how exactly do I do this? I looked at the IRS website but its a bit confusing. Can anyone spell this out simply for me? lol This nanny tax thing is new to me as I was always paid under the table. This time around I want to establish my credit. Also, what exactly in a Schedule C? Whats a 1099? Thanks so much for everyone’s help!!!
Oh! If I get paid say $14/hr for 45 hours a week, how much can I expect to pay in taxes?
Answer: Schedule C is a form that you complete and send to the IRS. You can download it from http://www.irs.gov/pub/irs-pdf/f1040sc.pdf.
There are several different Form 1099′s; the one that relates to your question is Form 1099-MISC. This is a form used by those who pay you use to tell you and the IRS how much they paid you.
In addition to these documents, you would also have to complete Schedule SE and Form 1040.
Taxes are based on annual totals. $14 per hour times 45 hours per week times 50 weeks per year (I am assuming that you miss you weeks per year for vacation or other reasons) = $31,500 per year. Using that figure, your self-employment tax would be $4,450.81 and your income tax would be somewhere between $0 and approximately $4000, depending on your marital status, the number of dependents that you are allowed to claim, whether someone else can claim you as a dependent, the amount of your deductions, etc.
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Table 4.B9–number of self-employed workers, by sex and amount of taxable earnings, 1992-2004 (in thousands).(4.B OASDI: Covered Workers)(Statistical table): An article from: Social Security Bulletin $9.95 This digital document is an article from Social Security Bulletin, published by Thomson Gale on January 1, 2006. The length of the article is 1006 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available in your Amazon.com Digital Locker immediately after purchase. You can view it with any web browser.Citation DetailsTitle: Ta… |
Community spirit thrives in 2009
A Chihuahua in the small dog area visits with one of the dogs in the large dog area during the official opening of the Mount Airy Dog Park, at Watkins Park on April 1.
Self employment: the dance instructor
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Tax Tables 2009
February 6th, 2007
Question: How can I file taxes for 2009 when I work under the table as a babysitter?
I lost my job at a cafe in December of 2008. At the time there was a hiring freeze and I was unable to find regular employment. I started babysitting for a woman I know and gradually started babysitting for her friends, and their friends. It’s been such a successful and enjoyable way for me to make ends meet that six months later I have not even bothered trying to find another job.
The BIG problem is all of my earnings are under the table. How do I go about paying taxes when I have multiple clients and unsteady hours? If I try to pay taxes then don’t they also have to pay taxes? I’m not sure I would be able to keep my job if I did that.
I love all the kids I get to work with and I would like to keep working as a babysitter for hire but I don’t want to create any problems for myself when it’s time to file taxes and send in my fafsa.
What’s the best thing for me to do in this situation and what are my options?
Answer: In April, you simply report all your accumulated income (you should keep very close records), and pay the appropriate tax as calculated.
There is no negative impact on your customers, since they are not your employers, but your contract customers.
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Fundamentals of Federal Income Taxation, 15th Edition (University Casebook Series) $85.98 This casebook provides detailed information on federal income taxation, with specific assignments to the Internal Revenue Code, selected cases, and administrative rulings from the Internal Revenue Service. The revised and updated Fifteenth Edition retains the book’s long standing format and much of its prior materials, but it is updated to reflect recent events including all legislative developmen… |
2009: The Year in Review
The coming of the New Year offers another chance to reflect on the past events. This is the first part of the annual “Year in Review” feature that will examine the highlights from the first six months of 2009. Part two, in next week’s edition, will summarize the remainder of the year.
Five Thousand People at Raleigh NC Tax Day Tea Party ALIPAC Table