4th quarter taxes are due on January 15th
Posted By: nm on 2005-09-13
In Reply to: You MUST have 90% of your taxes paid by Dec 15 or they will penalize you. - 8 yr IC
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E&O insurance is not necessary. I bill on 1st and 15th.
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15th is the same in Mich. as in Jersey. Figure U
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0.0725 is seven and a quarter cents
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One quarter short of a roll...nm
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Every quarter pay $1,000 to Uncle Sam and $200 to state. nm
:}
The Jan. 15 payment is for last quarter in 2007.
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Looks like you got it right....D5 quarter-normal saline....n/m
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Married at 20, 15th anniv. in Oct...Lotsa ups and downs---but more ups than downsNM
d
I meant hospital for 8 years (not months)...going on 15th year.
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Our murder rate for the 4th quarter of 2005 is up 70%
over the same period in 2004. It had been decreasing all year until the fourth quarter when it skyrocketed. The only thing that's changed is that we now have 150,000 Katrina evacuees living in our city.
Please don't misunderstand. I am quite sure that the majority of the displaced New Orleanians are good people. There are, however, more than 1500 missing sex offenders running around Houston, gangs of thugs trying to take over and out and out warfare in some areas of the city.
Prior to Katina, New Orleans had the highest per capita murder rate in the country and I now see why. I definitely believe in helping those in need; in fact, not only did I donate money but also donated old clothing and furniture and the like. It now really pains me to say it, but I wish they would all just go home. I want my city back the way it used to be before they all came here and tried to make it theirs.
can someone help me please... how is D5 quarter-normal saline typed?
TIA
I filed for an extension and paid nothing until August 15th. No penalty for that, just interest. nm
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how can it possibly make any difference if your check arrives on the 10th or the 15th
sheesh, you all are living literally paycheck-to-paycheck, that's for sure. Should be able to let your paycheck sit for a month without cashing it.
I loved those 3% raises every year. Oooh, a whole 'nother quarter per hour.
Cost of living went up faster than wages. Then they'd wonder why turnover was so high as everyone left for greener pastures.
You have your W2 showing very clearly those taxes were paid. MQ is responsible for those taxes
because you were a statutory employee. That is the responsibility of the employer to pay those just as though you were an employee.
end of January great, too
I went at the end of January and had maybe a 15-minute wait max on the most popular rides, practically no wait on all the others. The weather was clear and high 60s, so not bad. I can't imagine what a mess it must be in the summer.
January 31, 2007
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This is how it was told to me in January
They said at social security I could start drawing my money in 01/2009 - that is the year of my 66th birthday but I turn 66 in March. Now what they said is I could get 2 checks in January- why wait? Well, the wait for me is I get more money by waiting 2 more months and that is the rest of your life money- it can go up some because social security gives raises (unlike our jobs now). I reach 66 in the year 2009 but not 66 years of age until March, 2009. Does that make it more understandable- remember it is the government talking!
I think I bought it in January. nm
nm
I'll probably wait until January...
and see what havoc is wreaked on my pay - but at this point there is just so much wreaking already...
Yes, I wish it were January 1st. I feel obligated
to invite people I do not really want to spend time with here for Thanksgiving and Christmas because otherwise they would have nowhere to go and would sit home alone. Guess it's not good to invite people and then resent it, but I do. And the cooking is left mainly up to me because the others are too old/incapacitated or too worthless to help.
We were slow the first week of January but
now we're being dumped on and can't seem to get to back in control. I've worked almost everyday just trying to stay close to TAT.
I have just missed this first 1 for the year, January.
NM
How's your work load going Monday, January 9?
Just wondering if we are all in the same boat, sinking because of India oursourcing.
Good for you--I left the field in January
after 16 years. I now work as an Editor outside of the medical field. I'm still home-based, and my journalism degrees are put to good use. I hate to see what has happened in this profession, and follow the developments. However, I did not feel encouraged about my future in transcription, and felt that it was best to get out ASAP. I'm relieved to be out of it, and encourage anyone considering a career change to follow their intuition and explore their options.
Your transcription experience will put you ahead of the game in nursing school. Best wishes to you, and congratulations for taking action.
Yes! I saw it in Philadelphia in January - it was absolutely incredible!
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I have the feeling they may eliminate SE because they are starting this new plan in January. Quite
frankly, I am surprised you do okay with Amherst. I sit looking at a no work sign many days and it gets a little tiresome. I have already been looking at other companies because I have felt for a long time with the lawsuits and millions going out MQ is not the place to be anymore. Too much baggage and may Spheris is in the picture especially if they drop SE I think that may well be true.
I'm hoping to go part-time January 1, at least for several months.
I am just so burned out I'm not getting the lines I need, my house isn't getting cleaned, I don't seem to have any leisure time, etc. I'm hoping that going part-time will be enough of a break that when I am working I'll be better focused and can actually produce the minimum lines that I need.
It slows down every August and January on both ER accounts that I have. This time sm
of year is the worst. I forget about it every year until it happens again. It usually picks up again at the end of August and then is really busy until the end of the year. It slows down a bit (not much) in the beginning of January and then is really, really busy until mid to late July into August.
I have been doing this for 13 years and the only year ever that it did not happen to me was last summer. Not sure why, but both hospitals stayed busy the entire 2006.
I dont remember exactly whether it was by Qmail or what mail but it is starting January 1. I was
concerned about that because usually when they change any kind of employee status or SE status it is in the beginning of a tax year. I am worried about the SE status for that reason. But it is January 1.
internest is not updated fast enough? I book you buy in January was put together mid last year..how
nm
No actually I plan to suck everything out of them at my line rate this year and then quit in January
when they start the new pay plan. Yep, that is exactly what I plan to do. Yep, I have it all planned out. This sick sick lady has it all planned out. The best of MQ is over.
Other than the reduction in ASR starting Oct 1 the rest of the deal doesnt start until January 1 so
we all have time to move on if it does not suit us.
As an IC when paying taxes, are SS and fed taxes sent SM
to the same place?
Has anyone on this board's work slowed down this January. MT work that is.
Got several friends with slow-down of work but they are MQMTs Wondered how the rest of the MT world is doing.
THANK YOU! That is my point. She still pays taxes, her DH still pays taxes...
so who exactly is getting cheated? And just who are you talking about when you talk about whether it is "fair" or not. I don't give a crap how much taxes my neighbor pays. It's none of my business. And if I found out they were paying less in taxes than me, I would ask them how they heck are they doing it so I can do it too!
I just want ask, is it necessary to get personal and insult? You disagree with me, fine. But I've been called a liar, a cheat, a no-ingetrity thief, my intelligence has been insulted, and I have had my parenting skills questioned. That is a little over the top. If you cannot debate an issue without resulting to personal attacks, then YOU are the stunted one!
It is a very good thing that some of you work at home, ALONE! You are sorely lacking in people skills and diplomacy. Let me guess, when you worked in the office you were one of those girls who didn't like to share her desk, griped if someone dropped a crumb on your desk, and kept track of everyone's breaks, lunches, and line counts just so you could tattle to the supervisor! I've worked women like you, it was like working with kindergarteners. That's why I came home to work. Do us all a favor, looking in the mirror, count your wrinkles, and realize that this isn't high school anymore!
I do pay taxes --- MOST DEFINITELY PAY TAXES
I also keep track of all of the write offs!!
Do you also pay your own taxes?
that means it works out to about $13 an hour.
Taxes
Do you think when you are working for someone else that "they pay your taxes?" We all pay our own taxes except for the additional 7.5% of SS as an IC you pay. And I will bet that as an IC/MTSO I pay a lot less taxes than you do and I make more than you do. I cannot understand the mentality of people that say "you pay your own taxes." Your employer just "holds your money and pays your taxes." I am just responsible enough to put the money aside and pay mine but as a IC/MTSO with all my deductions I pay on 20 to 25% of my gross and I am able to put aside $700 to $1000 per month in my retirement which is totally deductable. Your statement is totally incorrect.
IC - taxes
I am never sure whether to classify myself as an IC or small MTSO as I have my own accounts. But where I see a lot of the problem is that the doctors are not making as much as they used to, due to insurance company reimbursement, etc. They are trying to save every penny that they can just like we do. I keep my line charges probably quite low according to many standards but I make a a very good living and I cannot see charging the doctors 15 to 18 cents per line when I make very decent money at 11 to 12 cpl -- gross lines. I also get GREAT tax breaks and though I have to pay the other half of the SS self employment, I still bring home more of a dollar than working for someone else. I have also found it hard to find anybody that will subcontract to me that is truly dedicated and will work hard. (I pay 8 to 9 cents per gross line and I deliver tapes and do all the printing, pick ups and deliveries) I know that kids get sick, there are football games, etc. but this is still a job and you gotta put it first sometimes. It is hard to find anyone that will work the TAT of 20 to 24 hours by the time I get the tapes to them. Then that leaves the burden on me. So I mostly stick to my accounts that bring me in $50 to $55 per year (and this gives me my benefits) and have turned down accounts because I don't want the hassle of the IC's to me and they could be going overseas right now. But I think that the insurance companies are behind this more than the docs. When your MRI is interpreted over in India -- do you get a break on the interpretation -- no but the insurance company gets a break on what they pay out so who pockets it????
My thoughts and I am sure I will get a lot of disgreements but that is okay we are all entitled to our thoughts. Oh yea for this amount of money I do work 28 to 32 to hours per week-- just quit an in house part-time job as they wanted me at least 24 hours now, started out at 10 to 12 but the docs found out that they could make more money paying me to transcribe their tapes than to type their own notes in the EMR's even with templates. So we will be around for a while. Oh yea if I would have kept on with both jobs would have easily made $65 K but working 50 hours a week was getting to be a bit much.
Patti
IC taxes
One suggestion that I have for all of you that are questioning IC taxes is to look at your past tax refunds when you were an employee and see what percentage was withheld and do about the same. Yes there is that extra 7.5 for SS but it is also a deduction and you can look to find 7.5% of your pay as a deduction whether it be in the form of your own retirement fund, etc. When I saw that I was paying so much to the IRS, I decided that if I could afford that I could start my own retirement fund and did it. I now contribute close to $1000 to it per month. So go online, get an old copy of Turbo Tax and run off the schedule C's and see what deductions can be taken for a small business and then see what you can do to save in taxes. Look at your old tax returns and if you are married have your husband over withold if you can't do it yourself. You are not paying that much more when you work for yourself you are just in charge of paying them yourself and not allowing someone else to hold it out from your check. But look at old returns, plan, plan and plan. When you look at your net vs your gross that will tell you what percentage your employer is holding out. Either as an employee or an IC we all pay our "OWN" taxes but as an employee someone just does it for you. Good luck to all of you. Patti
TAXES~~
You get to deduct sooooo much, part of your housing, utilities, any supplies such as printer paper. Last year I made about 40,000 and once the deductions were complete, it was right at about 8000 (have kids to deduct of course so that helped)
taxes
I live in Alabama and have always been employed in Georgia. Other than the time I was an IC, we always filed both Alabama and Georgia tax, whether I did the work at home or not. My husband works in Alabama. The amount of the tax always pretty much balanced out. In fact, I usually got a refund from both states, just more for one than the other. As an IC, I only file an Alabama return, as that is where my "home business" is located, no matter where my "clients" are.
Taxes
If you are talking about tax deduction the answer is no. If you are an employee and the company is taking out your taxes, etc. you are not considered an independent contractor. If you are SELF-EMPLOYEED...then the answer would be yes.
Taxes
Maybe they do that because they don't have to pay SS, or withhold any taxes for them since they don't live here. Maybe we need to put the bug into the government's ear that they are losing out on a lot of money here by allowing them to do this and you know how the government loves money. Just a thought.
IC and taxes
Is it a pain to do taxes when you are an IC? What do you all do?
IC taxes
Go here: https://www.eftpssouth.com/Eftps/
This is for federal taxes and you can pay on a weekly, daily, monthly, etc basis. As far as expenses deductible, you really need to do some research - you can deduct all expenses related to the running of your business. Best thing to do is have a room in the home/apt totally devoted to work and you can then take that % of home as a deduction. You obviously know very little about this stuff or you wouldn't ask that question. I would suggest getting the IRS instruction booklet on home office and the one on business expenses and reading it thru thoroughly. If you are not good at this stuff, then hire someone to do your first year and learn.
IC taxes
Will do that. Thanks for your input.
taxes
They are right in that the SS is 15.7% but remember when you were working for someone they held out 7.5% from your check. Look back at your checks as an employee and see what was held out -- the only diference from being an IC is that you have to be responsible to pay the taxes and not have someone withold them for you. Also look to see what deductions you have, take those off and you pay 15.whatever of that amount in SS. It all depends on what you are making. I start out with 45K+ and pay SS on about 15K. But I have a retirement fund that I am contributing to and that takes a lot off. But if you look at your paycheck as an employee you will see that 20 to 25% is being taken out of your check and you ARE paying those, someone just makes sure it is deducted. If you husband is working as an employee (my ex-was) I had him hold out as single none and we always got something back. Either way as an employee or an an IC -- we allpay it in the end.
IC Taxes??
I have recently taken a job as an IC, this is my first IC position and I was wondering if any of you wise folks could give me some advise regarding income taxes and such.
In the past I have always used TaxCut or TurboTax for my income taxes. Is there a similar product for the 'self employed' that is as helpful? Does anyone have any experience with any of these?
Also, MUST I pre-pay taxes and/or SSI quarterly? I ALWAYS get all my taxes I pay in back in a refund and my income is essentially the same as my previous employment.
Thanks!
You actually mean net? After taxes? nm
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