The Small Business Tax Help Blog

Archive for the ‘Self Employment Taxes’ Category

Question: What is the New York State self-employment tax rate?

I had found it somewhere once before and I dont remember what is was. I think like 6% or 7%. I know the max income tax is 6.58%, but what about the self employement tax. My accountant gave me figures to paid both federal and state, but I think they are high, extremely high! Thanks in advance.

Answer: blinnk281,

There is no NY State self employment tax. That is only Federal.

Federal self employment is 15.3 percent of net self employment income

To arrive at the self employment tax you take the net self employment
and multiply it ny .9235 and then by .153. That is your SE tax.
You then take 1/2 of that and that becomes a deduction against total income to arrive at AGI.

You have an income tax rate ranges from 4.5 % to 6.85%. You get to take a standard deduction and exemptions if any.

How’s year going to go? 5 categories offer clues

This is only the 10th day of 2010, yet it seems clear that this will be a year of transition, turning from one of the worst years in economic history to, what? A V-shaped recovery? A long, hard slog sideways? A short period of growth followed by another downturn?

The Metropolitan Commuter Transportation Mobility Tax (MCTMT) - Information for Employers

Global trade or export import trade can be usually termed as trading of services and product among two nations. Trade in between neighboring nations was also done in early days. Nowadays, Global trade is the essential guide that tells the whole story of a nation’s financial system, social and political standing. Actually, it can be said that Global trade is essential for overall growth of market.

Cordial two-sided associations between the nations considerably manipulate the success of Global Trade. In the past few decades, Export Import was rigorously suppressed and was measured impossible due to high taxes and excise duties. During that stage, nations mainly implemented the policy of mercantilism. The inflow of capital is what influences the success of the country.

However, with the entrance of industrialization and globalization during 19th century, the idea of free trade had been established. These days, all countries are able to witness to the profit that liberalized trade brings about.

Growth wise, the export and import trade is mounting at lightning speed. There are 550,000 people involved in the export import business and this generates enormous profits of almost $600 billion each year.

At present, Global trade is generally conducted while monitoring the course of action set by the WTO (World Trade Organization). But, the trade between two nations is also influenced by the trade and industry agreements between the nations.

Even though having rules to standardize Global trade, trade between nations still engages quite a few potential dangers at the political and economic parts. Some of these consist of ending of Global import export licenses, risk of war, danger of striking a ban on imported items after the shipment of the delivery and currency exchange controls, and more. Therefore, anybody involved in the export import trade should be wary about changes to both local and Global policies and laws.

If you want to make money in export import trade, it is advised that self-employment is the most excellent way to initiate. Ultimately everybody wishes to have his business at some stage. Why not build the export import a dream profession for yourself.

Guest column: Deficiencies of the market corrected by stimulus plan

In a recent “Point of View” column, Brian Riedl, of the Heritage Foundation, indicated that the federal stimulus plan was a failure. Riedl argues that the money would have been more effectively allocated by the private sector.

Self Employment Tax Tips : How to Deduct Volunteer Charity

How to select the best mediclaim policy in 2010

InvestmentYogi tells you how to select the best mediclaim policy for yourself and your family in 2010.

Self Employment Tax Tips : Foreign Exclusion: Self Employment Tax

Question: I am self employed in Massachusetts earning less than $400 per week?

Do I need to pay the 15% self employment tax? I read somewhere that earning less than $400 exempted the self employment tax, however it did not specify if that was a weekly net income or yearly.

Answer: Double FICA, double Social Security and double Medicare; pay these quarterly.

Keep records of all expenses, as they are deductible at the end of the year and you will have to prove the amount if you are ever audited by ths IRS.

You are not exempt.

The IRS has free phamphlets, covering self-emloyment.

Don’t forget about us, says university students

By Low Wei Xiang Singaporeans might have plenty to cheer with the government’s announcement of price hikes and changes in the primary school balloting system to enhance the privileges of citizens, but they could be losing sight of the big picture. Last week, the government announced that PRs and foreigners will pay higher fees to study in [...]

Milton Friedman - Free to Choose 1990 - 1of 5 The Power of the Market PL 2/5

IRS promises greater scrutiny of paid tax preparers

Most of us don’t do our own tax returns.

First Time Home Buyer Tax Credit Program, FHA Mortgage, Fixed Interest Rate Loan