I know you don't have to be incorporated to be an IC

Posted By: sm on 2007-10-03
In Reply to: IC questions - TJ

You can be an IC (which is really great for tax purposes) without being incorporated. Corporations pay their taxes quarterly and sometimes small companies can pay all in one chunk at the end depending on how much they make, or course. ICs get a 1099 -miscellaneous income - and file with their income taxes. Instead of filing with a W2 and paying federal and state all year, you file a 1099 and pay your federal and state in one chunk at the end. I know it doesn't sound like it works out well, but last year I saved $$$ in taxes that way. It works for me. Sorry if I am not explaining it very well.

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IC questions - TJ
- Social Security & Medicare - IC MT
  - Thank you IC MT and Winnie - Charlene
- done both and prefer IC status - sotired
- I know you don't have to be incorporated to be an IC - sm
  - While there are tax savings remember you must pay the full 15% of social security - Charlene
    - So in actuality, an IC pays MORE taxes than an employee? - Maggie
      - Everyone has to pay 15% for social security; however, for employees - No
    - in all my years.... - sotired
      - I once had a great CPA too... sm - just letting you know
      - I thought everyone had to pay SS or self-employment tax. nm - LTMT
        i think you do have to pay self employemnt tax, but... - sotired
        You file a Schedule SE on your profit income. - Charlene
        Went to a symposium just this week - winnie
        To Winnie - I do my own taxes not an accountant - Charlene
        Couple of advantages - winnie
      - So tired - what kind of set up do you have - Charlene
        You're correct Charlene... - another 2c

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I'm an MTSO and I have neither, though I am incorporated and have
incorporation papers. The IRS certainly knows I exist and I pay an extra fee to them every year for being a corp! But as far as those licenses - don't live in a city and county doesn't require them.

Now that is a sad sad thing you have incorporated sm
into your we are low class women, not deserving of better sort of attitude. Sad what society has done to us.

(YOUR SENTENCE)
I could work 16 hours a day 7 days a week and then some, but I am told that does not entitle me to a pay increase THIS IS A SAD ATTITUDE. MEN WOULD GET ONE FOR MUCH LESS EFFORT.

I am part-time but incorporated
I didn't stay with them though because the accounts I was on I couldn't make a decent line count.

Mucho Dinero Incorporated! nm
nm

Digital Transcription Systems Incorporated

Does anybody work for this company now or have worked there in the past that can give me any information?