The Small Business Tax Help Blog

Posts Tagged ‘independent_contractor’

Question: How to report independent contractor earnings??? Please help?

am a referee and I make minimal money. How do I report this? What form? Please help…Also, should it be done quarterly or what? i am sure with the deductions I can claim, the taxes would be low. please help…..

Answer: schedule C.and possibly SE for taxes. You should receive a 1099 if one entity paid you more than $600 in 2007. If you made less than that – don’t worry about it

Japan Nuclear Disaster Update 30: It was, is, and will be worse than you thought [Greg Laden's Blog]

Perhaps the most interesting single thing on the table in today’s update is the revelation that at least one of Fukushima’s reactors suffered sufficient damage from the earthquake that hit the region … prior to the tsunami … to have likely gone out of control or melted down. This is hard to assess because the tsunami caused so much additional damage as to obscure earlier damage, and because …

2008 State of the City Violence Prevention Webisode

Question: What is the proper way to report income for a tutoring position as an independent contractor?

I have been offered a part-time tutoring position. I would be working as an independent contractor. I’m not sure if this would even be a consistent income but I believe that over time I would be increasing the hours I tutor. I’d like to know what is the proper procedure for reporting small amounts of income like this. Would it fall under self-employment where I’d have to pay estimated quarterly taxes. Is there a minimum you have to expect to earn before this is a requirement? Thanks!

Answer: You’ll report the income on a schedule C, or C-EZ. Be sure to keep track of your expenses, since you can deduct them. You’ll also need a schedule SE to calculate self-employment taxes on the net from the C or C-EZ. The numbers from the bottom of the C and SE will transfer to your 1040.

If you don’t expect to owe at least $1000 in total taxes (income and self-employment) over what you have paid in from withholding or other methods, then you don’t have to file quarterly estimated returns.

Insolvent car sales firm faces wind-up

A PROMINENT Northern Ireland car business could go into liquidation within weeks after borrowing heavily from one of its sister companies. Related Stories Bank chief spells out warning over ‘risky’ payments system Innovative teams reach final of hi-tech awards Manufacturer secures export deal with Russian partner Lily Allen drives hard bargain to get customised car registration plates Contractor …

Constructing a Green Transportation Policy: Transit Modes and Infrastructure

Question: As an independent contractor, where do I to go pay my taxes?

I became an independent contractor 3 month ago. I understand that I need to make quarterly payments. The first one is due June 15. I do not know where I go & make the payment. Is there a place I go to & write a check to pay it? or Do I send in a check to IRS? What kind of forms do I get? First time as an independent contractor so the tax system is very confusing for me.

Thanks in advance for your help.

Answer: for federal tax – download form 1040-ES from www.irs.gov – you would pay 15.3% of your income for selfemployemnt taxes, plus the % you expect to owe for overall income taxes – pay 15% to be safe (30.3% total)

probably a similar form for your state – google for your state’s dept of revenue website – pay whatever your state tax rate is times your income for that “quarter”

or google “your state” and estimated tax payment coupon or similar phrases

Summary of 2011 NM legislative session

The Associated Press SANTA FE, N.M. A summary of developments in the Legislature’s 60-day session, which ended Saturday. Gov. Susana Martinez has until April 8 to sign or veto bills passed during the final stretch of the session. BUDGET-FINANCES(equals) Passed: $5.4 billion budget for education and general government programs in fiscal year starting July 1; higher pension contributions for …

Contractors find tax confusing

Question: My tax deductions with be more than my income for 2008, do i have to pay taxes?

I work as an independent contractor and use the mileage deductions method. At 50 cents a mile, i will be able to deduct more than my income, it will appear as if i had a net loss. Do i still have to pay any self employment taxes or any other taxes?

Answer: No, you won’t owe any taxes, but you must file a return and be sure you can “document” your deductions with adequate records.

Fortis Inc. Earns $45 Million in Third Quarter

ST. JOHN’S, NEWFOUNDLAND-AND-LABRADOR– – Fortis Inc. achieved third quarter net earnings attributable to common equity shareholders of $45 million, or $0.26 per common share, up $9 million from earnings of $36 million, or $0.21 per common share, for the third quarter of 2009.

Since I’m a Temp Contractor, Can I Deduct Mileage to Work?

Question: Why is only half of a sole proprietor’s self-employment tax deductible in the computation of taxable income?

Answer: The self-employment tax is actually Social Security. Half is deductible because if the sole proprieter worked for a large company, the company would be allowed a deduction on half his Social Security. The rule is an effort to be fair to the little guy.

LATAXNET | Latin American Tax & Legal Network

We are a network of advisors composed of Latin American, Caribbean, U.S. and Canadian professional firms.

Self Employment Tax Tips : Tax Tips for Home Business Owners