Are commissions (earned on sales) taxed differently from normal salaried income?
605815
No, it's not taxed differently, but what you need to ask your new employer is how they will calculate withholding.\n\nIf you're getting your commissions on an irregular schedule (i.e. not the same as your salary) then your employer's payroll dept. may try to treat them as one-time payments each time - which usually ends up with a different withholding than you probably want.
359849
Yes normally commission agents who work and do not get a wage and depend on what they sell ie the harder you work the better money that you get
244451
Sales- The larger the item the bigger the commission. For Instance, if you were in Real Estate and sold a $300,000 home and made 3%(your cut) you would make $9k> But of course that is working for someone else. So do the next best thing. Mortgage Broker- Make about 2% on every loan
1022216
Uh, sounds like this guy is working on commission. Yes, this is legal. No, they do not have to provide you with a base wage. Some commission jobs actually EXPECT you to make at least one sale a week and if you don't, then they "front" you your paycheck and you're docked the nest week. \n\nThe reason the amount is less is probably because of taxes. He needs to get the pay plan in WRITING and compare what is happening to what is written to what is being said.
470196
If it for business use(you sold goods at a profit), treat them as you would any other form of payment.  It is probably simplest to deal with the net payment.  If you report the gross payment then you should use the fees as an expense to offset them.
340171
If they are employees, you will need to determine what their "average" monthly or annual pay is.  Then, using the tax charts from the IRS, you can determine how much should be withheld.  You will also need to check your state tax rates, as well.  What matters most is that the correct amount is deducted by the end of your reporting period, whether that is weekly, monthly, quarterly or yearly.\nIf they are commission only, can you classify them as independent contractors?  If you can, then you won't have to deduct anything at all--you pay the full commission and they are responsible for setting aside and paying their taxes.
32314
It's taxable income.  How much you pay in taxes depends on your tax bracket (the percentage of tax you pay on your last dollar earned).\n\nIf that's all you made that year, the standard deduction and personal exemption would offset it, and there would be no federal taxes.  If you have other earnings though, there's no way to tell how much you'd play in tax without knowing your actual numbers.
136187
There are 4 parties involved. The selling agent, selling broker, buyers agent and buyers broker. It is possible that the agent and broker are the same on either side (the broker was also the agent). It is also possible that the buyer and seller may use the same agent or broker or same broker different agent...\n\nsheesh, well now that you understand that.....\n\nThe normal commission is 6%, so that is 3% for each side and it is also standard that the broker and agent split evenly so 1.5% each. But that is really up to them as employer and empleyee how they structure their deal. The agent usually has to pay for office supplies and a portion toward secretaries etc. So the real numbers get all jumbled up.\n\nSo the real point of bringing all this up is so you know how much the person is making if you are asking for a discount. Getting someone to drop their rate from 6% to 5% doesnt sound like a big deal. But if you are asking your agent to do this you are taking away 2/3rds of thier commission by dropping it from 1.5% to 0.5% to get the total to 5%. Not likely they will be real friendly about it.\n\nAlso it is typically the seller that pays the entire commission, so the real answer to your question is nothing.
372095
Of course it is. IF profit exists quarterly, taxes must be paid quarterly. IF you have employees, SS wages must be paid whenever an amount exceeding 500.00 is due. IF filings and payments are not made, serious penalties and interest will be levied by the government agencies involved...federal, state, and often local. Sales taxes must be paid quarterly, on time. Otherwise, more fines will be levied.
1066833
You usually have a base hourly wage & then if you make enough commission to get over that base wage then you get your commission instead.
620354
You will have to pay income taxes but not sales tax (although that will depend on your state).  Good luck.
1069923
Yup, you're taxed on income (salary, dividends, rental income etc).\n\nProperty is taxed yearly based on the value of your property (I think).  \n\nBuying and selling shares are taxed on point of sale, so if you do not have any other income, you can file for a refund at the end of the year.\n\nCapital gains are NOT taxable so if you strike the lottery, it's all yours.
107354
Regarding the IRS, it depends on a lot of things. Remember gross income is income from whatever source derived, not if it is a certain dollar amount... Is it business or personal? Did you sell for more than what you bought it for? If you did, you need to look into the reporting requirements.
398911
depends on the call center.  most centers that pay on commission will base it on sales.  if you're just answering help desk calls, maybe you'll get a bonus based on fastest average answer time or most calls per hour or some such measure.  but to be a true commission, you have to be selling something on which you get a bonus of some sort.\n\nbase wages for US call center reps are probably in the $8 to $15/hr range depending on the function.
1054968
Short term gains are taxed at the regular tax rate, just like interest and dividends.  To compute gain, subtract orignial cost, brokerage fees and "reinvested dividends" from net sales proceeds.  Your broker should provide a statement.
194004
Salaries of production workers are treated as cost of goods sold.  All other salaries are treated as expenses.  From the point of view of income taxes both are treated as reductions of taxable income.
317927
6% has been the standard (3% to buyers agent, 3% to sellers agent). Now fees have gone down to 2-2.5% for each agent. If there is an agent selling their own house he shouldn't have a fee as they'd have to pay income tax on it. The seller has the pay the fee, so they would just be paying themselves.