must the self employed pay National Insurance stamp?
925648
BIG TIME, pal - you're in for a shock - you have to pay employee's AND employer's NI
427870
They do a Post Office card account but that can only be used to pay in benefits, pensions and tax credit payments.\nAlthough you can use the post office with a lot of other accounts you do have to open one with a normal bank or building society first.
781131
You can count it as a contribution (money in) and a distribution (money out) if you are a corp.  This has no tax consequence as you are paying yourself back. Normally start up costs are to be amortized.  If you are a sole-proprietor, you can take the profits, it's your money.
938834
It simply depends on what you do, and whether you can persuade the tax office that you are genuinely self employed. The IR 38 rules were designed to cut down on the abuse of self-employment as a means of avoiding both employment rights and employers PAYE, which means they are far more stringent in who is allowed to claim self-employment.
202584
None. If you are an independent contractor, you should provide the contract for the other party to sign if they want your services. This contract should stipulate what services are being provided and the schedule of payment to you. When February rolls around the next year, the other party provides you with a 1099 form as a statement of what you were paid so that you can report the earnings to your accountant. If the amount of money was less than $500, then the other party does not have to provide a 1099. As an independent contractor, you are responsible for your expenses, which are a business deduction. Keep records diligently!
730545
Your tax calculation is basically correct.\n\nYou say you pay NI separately.  This is probably only Class 2 NI which is currently £2.10 per week.  You will also be liable for Class 4 contributions which are collected with your income tax.  These are payable at a rate of 8% of your income over £5,035.
762720
http://www.hmrc.gov.uk/nic/ynino.htm\n\nTry the above, this should help you.
890134
I've got my own LTD company. First find a good accountant who specialises in small businesses, he will keep you right as to everything you need to do. You need to decide on your company name and check it again the list at Companies House (you can do this on the net). You need to decide whether you wish to register for VAT (if your turnover is above a certain amount you don't have a choice, you must be registered). You will need liability insurance, but again a good accountant will point you in the right direction. Your accountant can also be your company secretary so you don't need a partner. Good luck!
949458
You can still qualify for EIC but you will have to pay Self Employment Tax on the net Self Employment income.  This is the Social Security and Medicare Tax on your income.
328993
you can only claim it if you are filling a business income tax.\n\nFor personal Income you can't.
1171353
Yes, they pay SS tax just like everyone else. In fact because some are self employed, they pay twice as much. The "company's" share and the "employee's" share.\n\nThere is no exemption if you earn more than $100,000!!! You pay the max!!
73291
NI=National Insurance\n\nIn theory, Yes, you can.  \n\nRead this article for more information, and i hope it makes more sense to you than it did to me! \nhttp://www.inlondon.com/sparky/page.cfm?story_id=84
719794
Your employer is REQUIRED by law to social security and medicare taxes.  They are also responsible for their portion of the social security and medicare taxes.\n\nYour taxes, if you received a 1099, could be over 40%!  You would be responsible for the 15.4% self-employment tax, plus your ordinary income tax rate.  That's not a good proposal.
856689
you owe them nothing.  It's an OPTION for you to pay.\n\nIf you don't pay, your state pension when you retire will be X.   If you do pay, it will be X plus a little bit.   They send you the letter and you decide if you think that's a good investment or not.\n\nWork related pensions, and even most private sector pensions, are a better bet than the state one, so if you have £293 to put into a pension, put it into your works or private pension.\n\nPS I had a stack of these over the seven years that I was a student.  I never paid one of them.
880297
As long as you are employed by that company you are on PAYE scheme which deduct tax and NI on a monthly or weekly basis from your wages.
488346
In 2006, the single person standard deduction is $5150, so he will not pay "income tax" on income up to that point.  However, he will have to pay "self employment" tax on that income as a self employed individual if it's more than $400. (15.3% of self employment income)  This is for FICA and Medicare.  He will likely get a 1099 from his employer for the total amount they pay him.  He can however, deduct any business expenses he had pertaining to this job to lower this figure on Schedule C.  So I would keep track of any expenses he had to pay out of pocket for this job, like mileage, any special tools or equipment purchased, etc.  Talk to a tax accountant and explain his situation for better advice.
294999
Yes, but only if services are actually rendered.  Depending on the corporate structure (i.e., if it's a partnership, sole proprietorship or LLC taxed as a proprietorship or partnership) the person will be subject to self-employment tax of I believe 15.3%.  Talk to a CPA.