Just as ;you dont withhold plumber taxes, MTSO
Posted By: doesnt withhold IC taxes.Payoff is in independence on 2008-01-14
In Reply to: this may sound dumb but what exactly is an independant contractor? - do they not take out taxes, you just work for your
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They also do not withhold state taxes and
there is no way that is legal in my state as it is my state law that if you are employed by an employer outside the state, that employer MUST withhold state taxes. My state has been investigating them for awhile but I still don't know what happened with that, but I will ask.
Reminds me of another company who used to withhold money for our insurance premiums. Well guess what...when we needed to use our insurance, found out there was none! They too were reported (this was not MW), but all we got was our money back that we paid for the insurance. Sad huh?
These companies are pathetic and I have no respect for this industry whatsoever.
all legit companies withhold for taxes but...
when you say I found it difficult enough just paying my regular bills with the very low rate of pay this company offered, and it was impossible for me to also put aside extra money to pay for the taxes they refused to take out That can't be true. one way or another the money comes out, either they do it before you get the check or you do it after you get the check. If you could afford it if they took it out, then your take home pay would be less. So it's absolutely equal that you could afford it by setting it aside yourself. At least you got to earn a little interest on it!
ALSO, the plumber sets the price. So this plumber/MT analogy
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I dont blame you on the taxes
My husband makes more than that himself though, so we are stuck with the taxes no matter what. They take half our pay checks, I just did our return and had to write them a nice fat check for that, and then find out we dont get the stimulus check (big shocker there). Just seems like we get screwed from every different direction.
With the cost of living what it is, I sure don't feel like we are rich but the government seems to think we are and taxes accordingly.
Does your MTSO take out all federal/state employee taxes? nm
nm
Dont feel "safe" with any MTSO. Any co. can
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They must deduct FEDERAL taxes.. NOT STATE taxes.. if they took out state taxes.. it would be FLORID
which would only have to be refunded to you for you to pay YOUR state what you owe them which is nothing but a pain... be glad they weren't handling your state tax.. and I think in this case.. if someone at the IRS told you they have to deduct YOUR states taxes.. it is that person who is uneducated... they only have to deduce federal income tax
Can withhold 50% of pay
Read contract carefully - states they can withhold 50% of earnings in several different scenarios. When I asked for specifics, communication ended.
The amount of tax you withhold should
be what tax bracket you are in. If you are in the 15% bracket only hold back 15%.
There are pros and cons on both sides. You just have to find the fit that works for you.
Withhold 10% of salary for 401(k).... sm
and never deposit those funds in employee's retirement account. Repeatedly hang up on employee who is demanding Show me the money! Wait for Labor Dept. to hold feet to fire, dragging resolution out as long as possible.
It is not legal to withhold pay for
not giving 2 weeks notice.
A plumber also is the one who will tell you WHEN he is going to
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As IC, you couldnt tell plumber he can work on your
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Works same way as a plumber. You are your boss,
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What law? Do you send tax papers to plumber for
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If plumber wants worok graveyard, you don't hire him.
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Excuse me? You find me a painter or plumber
who has not had 25 jobs in as many years as I have been doing this. You are one small-minded individual.
My plumber doesn't do work for me on a daily basis. .sm
In my state, we need to get a 1099 if we make over $1000 as an IC. I have never paid a plumber that much money, thank goodness!
I dont cherry pick, never did. I dont do that to my coworkers on my account.
What is the new status. I dont understand what it means. I dont need their benefits nor do I want
them.
I dont know what that means. I am an SE. I dont sit and wait for work I come back in when it is
there so I never had to deal with Amherst when there was no work because I just stopped working and did other things. My feeling is if this doesnt work there are other jobs out there.
I just dont want to hit that extra space if I dont get paid for it, ya know. No message.
nmnmnm
If I cant make QA, dont give me work. Dont dock
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I didnt get the packet, do we have to take their insurance if we dont need it. I dont want it. Wish
I would have gotten the stupid thing to read.
Well, I know that MTs from my office have quite MQ and they dont post on here but I dont know how
many. I think MTs with MQ may be getting second jobs and just working for 2 different places at the same time which is probably the smart thing to do anymore because MQ will continue with this short TAT and as it spreads throughout other offices people will continually be running out of work especially after going on DQS.
You obviously have the wrong company. If they dont IM you, then you dont have it on..
I smell management. Nothing you said makes sense unless there is another Focus out there.
Sorry if I dont like gutter humor. Also dont like
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when docs give mtso a check, then mtso pays you?
nm
PLUS, a plumber sets his own hours and wages! As far as MT wages,
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Isn't she an MTSO owner - which MTSO ? Just curious. n/mnn
nnnn
Dont kid yourself that people dont know what is going on. Do you honestly think these office people
dont talk. Maybe you should make sure you know what you are talking about before you open your mouth.
Taxes
When you work for someone you STILL PAY YOUR TAXES, your employer does NOT except for the 7.5 SS. Look at your pay check, are not taxed withheld??? As an IC you are RESPONSIBLE for withholding your own taxes and sending them in but either as an employee or a IC -- you still PAY them, except for the 7.5 of social security. Sorry but it bugs me when people say as an IC you pay your own taxes as it is incorrect -- you are RESPONSIBLE for paying your own taxes. With your write off's, flexibility and most of the time more pay it does cover the extra SS you have to pay. Been doing it for almost 20 years.
SE and taxes
I'm seriously considering accepting a job as an SE. The employer holds and pays social security but not income tax or other federal tax. My state has no income tax, but I was wondering if I would have to pay Medicare tax as well as withholding tax. Also, is there a way to pay via IRS monthly or bimonthly rather than quarterly. This is new to me and I'm a little spooked. If I would have to pay Medicare, does anyone know what percent that is. I understand I should hold or pay 25% roughly for withholding. Help please. 
Taxes
Absolutely and you do not have to be only an IC for this write off. Even if you are an employee expenses that you incur in order to perform your job which are not reimbursed by your employer are all eligible. I write off my ink cartridges, printer paper, internet service, etc.
Taxes
I really believe a sharp CPA is worth every penny.
Taxes
It is my understanding that if the state your company is located in does not have a sales tax - then they do not handle the state taxes period. Examples would be companies located in Florida and I think Tennessee.
Taxes
The cost is the same to the employee either way, it is just the convenience of not having to deal with it. Whether they deduct it out of your check and pay it or whether they give you the full amount and you deduct it - either way you owe it and have to pay it. Of course it is less convenient to file quarterly taxes. According to my CPA the employer does not have to withhold if their state does not have state income tax. The employee is responsible for paying quarterly in order to avoid any late fines. Maybe each state has their own standards but I can't imagine all these companies in states without state taxes would be getting away with not withholding if that were the case. By the way, having more held out of hubbies return sounds like a good idea to me if you are filing jointly anyway.
Taxes
I wonder then, since this seems to be different state to state, if some of these companies would legally be able to just not employee MTs from states who require the employer, regardless of location, to handle the state taxes. I could see them thinking the paperwork/accounting costs would not be worth it.
SS taxes
just taken out of pay, you have to use bayscribe, but certain programs they can import into bayscribe and yes, they will if asked provide sample reports.
taxes
Yes, they do.
IC Taxes
For some IC is better, I guess it depends on your circumstances. My husband is on disability so our income is very low, we clam the mortgage interest our home and we never have to pay in. I do have to pay 1% local tax each year but that is never more than $100.00 or so. As IC you are able to write off Internet expenses, paper, ink, ref. books ect. For me it is just better. Plus as IC I feel that I have more control, but that is jost my opinion. 
Taxes sm
If you are an IC then you have to pay your own taxes. There is no difference. You would just convert the $$ into US (your bank does this) and keep track of the actual US dollars you made and then claim it on your tax return. Hope this helps.
As an SE..do they pay any taxes..sm
or are you responsible for paying all your taxes yourself?
taxes
Are there are any Radiology jobs that pay part of taxes?
Taxes
The post above is not true. As an employee the employer pays one half of your federal and state (if you have them) taxes. It is not just half of the FICA they pay. It is half of the total federal (Fed, FICA, Medicare.) I was an MTSO for 8 years and looked into making my ICs employees and just couldn't swing it plus try to offer benefits.
taxes
Bravo!!! Obviously, the OP either has grown children or no children. It takes an incredible juggling act to raise kids these days. Most parents in our income range need all the help they can get. Just having custody of a 2-year-old for 6 weeks has taught me that. Daycare alone is taking all I have. You're right - never underestimate the people with authority in nursing homes. My son reminds me of that sometimes - I only hope he is joking! Have a good Monday!!
taxes
I realize that. What I am concerned about is Social Security and how that works and how do I decide how much taxes to hold out of my check to be sure I am covered at tax time? Just looking for some preferences here from people who have done it both ways. Thanks!
After taxes, it's a lot less than $100.....
Skroo that!
IC and taxes
I have just accepted an IC position. I have never worked as an IC before. Do you set aside your tax money and pay it quarterly or at the end of the year. (for next year) Any advice on this would be much appreciated. Thanks!
IC and Taxes
Thanks for the information. I was thinking it would be best to pay quarterly. I have my city taxes set up like that already. Do you know how to set up state and federal taxes to be quarterly?
IC taxes
You don't pay any more taxes as an IC than you do as a regular employee. You pay your taxes differently and pay more up front than you do as an employee, but on the back end when you do your taxes it all evens out.
You have to pay your regular federal withholding. It's the same rate that you would pay based on 0 deductions with a regular job. You can use the tax table http://www.irs.gov/pub/irs-pdf/p15.pdf to figure that out. Then you have to pay the whole FICA tax of 15.3%. Half of that is the employer's portion, which you don't have to pay as an employee. The other half and the federal withholding you already pay as an employee.
When you do your taxes at the end of the year, you enter half of your self employment FICA tax on line 27 (along with a schedule SE) and you deduct it from your gross income.
So you have to pay more up front, but you don't pay more in the long run.
I pay 25% to the feds every time I get paid and I pay 5% to the state every time I get paid. A lot of people like to do it quarterly, but I like to get it over with so I don't think I have the money to spend.
You can make your federal tax payments on line here: https://www.eftps.gov/eftps/ . You have to sign up with them and then they mail you paperwork with online passwords and stuff, so it takes about a week to get actual access, but it's worth it. It's where I pay all of my taxes. Your state probably has an online presence where you can pay your state taxes as well.
I've only ever been an IC so I can't compare working as an IC to working as an employee on production.
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