Help!  Does anyone know about Self-employment taxes?
397473
Did your husband receive a 1099-Misc?  This would be reported on IRS form Schedule C.  Then you can deduct all expenses related to the job.  Then you will need to fill out Form schedule SE to figure out how much Self-employment tax you owe.  \n\nHere is a link to the IRS website that should answear any other questions you have about self-employment.\n\nhttp://www.irs.gov/businesses/small/article/0,,id=98846,00.html\n\n\nAnyone with a social security card already has a TIN or Taxpayer Id Number.
264385
I don't know of a trucker-specific tax program, but I think you just need a software package that can make a Schedule C for the self-employment income.  When in doubt, find a good accountant.  They can lead you through all of the difficult tax law decisions.  http://www.refundaccounting.com
1172391
Some of your answers posted are incorrect.\n\nMost states work off a system similar to the Federal/IRS system.\nThis means you have three years from April 15 of the year following the year you are reporting.\nFor example, you have until April 15, 2008 to file a return for tax year 2004 (originally due on April 15, 2005).  Since most states share electronic information with the IRS, if you are in good standing with them, the state will notify you by letter of any amount due.\nIf they owe -you- money, they will -not- notify you.  You only have three years to claim an amount owed to you.\n\nState penalties for tax avoidance are in most cases much less than Federal penalties.\n\nMost employers automatically withhold the proper amount (within a few dollars) of your state taxes owed.  If you had federal taxes withheld from your check and filed a federal return, you should really not worry about it at all.\n\nIf you are self-employed, or had employees working for your business, it is a whole other story.  You should then consider hiring a tax expert or attorney as in these cases the possibility of severe fines and penalties can be real.\n\nOtherwise, don't worry about the state issue unless they contact you.\n\nI hope this has been helpful.
1161097
You need to call New York State for the proper forms to file withholding taxes and unemployment taxes.  You should be able to check on-line as well.  Depending on your business, you may also need to register as a sales tax vendor.\n\n1-800-225-5829\n\nwww.tax.state.ny.us\n\nI have no idea what the other person is talking about.
1028776
It all depends on how you formed your business.\n\nIf it is something you did yourself, as a sole proprietor, and you are the only one working with the business then you really don't need to do anything further than reporting the income and expenses on your schedule C.\n\nIf you had formed a legal partnership or corporation you will need to file the appropriate tax form each year.\n\nAND if you have anyone else working for you, especially non-family, you need to get yourself a FEIN (Federal Employer Identification Number), withhold payroll and income taxes, register with the state and pay both levels of unemployment (depending on the state).  If you have reached this level of complexity, I would contact a CPA or other bookkeeping firm that can get you on track.\n\nLike to self read?  There is plenty of information at the IRS website.  :)  Good luck!!
824091
You have to have a tax I.D. number for the business. Call or go into a local bank and they can help you get started. Good luck w/your business!
557317
http://www.irs.gov/businesses/small/article/0,,id=110417,00.html
228298
If you get pd on a 1099 you pay your own federal tax and self employment tax. If I were you I would think of the deductions you would be able to take. If there is not a bunch than I would get paid on a w2. I have done may peoples taxes that have not owed a tax but have had to pay in the self employment tax ( social security 6.2% and medicare 1.45% tax. It can really hurt you
96981
File your taxes.  I run a home based business (graphic design) and learned the hard way.  I made $396 in my first year (started in December of that year), and didn't see the need it was small.\n\nI got a HUGE fine from the IRS.  Luckily I got it cleared because I had an atty do the work, but I learned - no matter how small, report it.  It isn't worth the headache.
377946
I would be inclined to check out the tax office to see where you stand on making your tax and ni payments.  If you don't have a contract that states that they'll be paying it you are effectively classed as self employed and therefore responsible for paying your own tax and ni.\n\nHope this helps\n\nDawn\nhttp://www.quitthat9to5.com
264769
Talk to someone from IRS.They have a toll free number in the phone book or calla local tax place and ask them for help on what you can do...good luck!
162608
I would try thru www.irs.gov and try a search for yourself. If the employer filed the W-2 you should be bale to gather the info from that.
142943
You need to keep your business and personal funds seperate. So do get a business checking account. It is usually called a DBA (doing business as) account. \n\nIf you register your business as a sole proprietor you will most likely file your income from the business on your personal income tax.\n\nJust check with your local taxing authority to be sure how it is done in your area.
423713
You mean a limited liability company?  Unless the LLC elects to be taxed as a 'C' corporation (and very few do, so yours probably didn't), the company doesn't pay taxes at all so there is no tax rate applicable to the LLC.\n\nThe right question is, if you're a member in an LLC, what rate of tax will you pay?  The answer is, whatever tax bracket you fall into personally, including income you received from the LLC.\n\nBut keep in mind, there is an additional "self-employment tax" of I believe 15.3%.  This tax applies to any money you receive from the LLC (up to I believe $85,000 or 87,000) and is in ADDITION to the income tax you would pay on that same income.
49164
Yes.  Income is income.  In fact, it might even be Schedule C personal business income which might be taxed at a higher rate.\n\nConsult your accountant or certified tax advisor.\n\nDon't forget to take along that jar of dimes you collected.  You'll need it to pay for the professional advice.
805283
Judy, as usual, gave a sound answer.  I would just add one thing.\n\nIf you are going to do your taxes yourself (which I do not generally recommend with a Schedule C) do not forget about Schedule SE.  That covers self-employment taxes, like the Social Security and Medicare deductions employees have.  Remember, you have to pay double what an employee would pay as you have to pay the "employer's" share as well.\n\nOften, SE tax can cause a shock at tax time, especially with a new business.  You might want to take your records to your accountant before the end of the year and get an estimate of the tax bill.  If you do not have an accountant yet, now is a good time as this is the slowest time of the year in most CPA offices.
659655
You pay self-employment tax, calculated when you file your tax return, by completing Schedule SE.\n\nBTW, if you're getting a 1099, then it isn't your employer...