Do you pay quarterly taxes? Can you pay Social Security (sm)
Posted By: Sammy on 2007-06-06
In Reply to:
I have always just filed at the end of the year. Does everyone else (IC) file quarterly?
Also, if I want to pay into my social secirty on my own, can anyone tell me how to do that?
Thanks!!
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That should be 15% social security of your gross quarterly earnings also. n,
:
For IC MTs, when you pay your quarterly taxes that you calculate do you also add in the 15% social s
First time doing this.
That's interesting since you have to have a social security number to pay taxes
you're full of it
Social security is part of Federal taxes
Your SS is figured in on your schedule C -- after your deductions you pay on your net income and that is added to your federal taxes and you send in one check and pay it all. You can do quarterly if you do not have a husband to over withold from or if you are not an employee on another job. Social Security and Federal taxes are not two entities -- but one.
Patti
File taxes under the name on file w Social Security....
Name on W2 doesn't have to match, but your tax return has to match SS records. They don't want your marriage license or anything else. Did that for 13 years as instructed by IRS. Didn't have to change it with SS until state changed rules requiring drivers license to match SS records. Still use my maiden name in some limited circumstances.
As an IC MT do you pay into Social Security? SM
I am an IC MT in California. Does anyone know if we can pay into SS so that we get compensated for retirement? As of yet, I have not but would like to in the future, if it is possible.
TIA
Social Security
If I understand it right, assuming you are paying your federal taxes, you are paying Social Security. It's something like 15.3% of your reported income, half of which you get to deduct if your income is under $102,000. Gee, think I just barely fall under that tax bracket! Google "self-employed social security" or something along those lines for a full explanation.
They are. Many of them get social security checks for
mental illness or other issues. Some of them spend their social security checks the day they get them on booze and gambling. Some people CHOOSE to be homeless, if you can believe that. There are programs out there for them if they apply. I got to know the homeless population of our city pretty well at one of my former job. I could tell you some stories about some of those characters. One guy is homeless, but he could have his house and bank account, his military retirement, and his social security. Instead, he pushes a cart around town and sleeps on park benches. One woman runs down the street in nothing but polyester pants pulled up to her armpits in the bitter cold of winter. She has shoes and a coat, plus welfare and social security benefits.
the self-employment tax IS the 1/2 of your social security...
"On top of the self-employment tax, etc., you don't get the benefit of your company paying 1/2 of your social security so that is where most of your money at tax time goes to. " please don't post if you don't know what you're talking about.
Social Security will take it from your Schedule C
Social Security will take your earnings from your Schedule C that goes onto your 1040. Whatever amount you declare and pay your self employment taxes on (15.75%) is the amount that they will use for your yearly earnings.
How to get in touch with social security?
Went by the office this morning, unbelievable, just wanted to set up an appt but too many waiting. I tried to find the web site but had no luck therel. I have heard you can set up an appt that way, just need to know where to look. TIA.
Can somewhat please guide me as to how to pay Social Security, SM
federal and state taxes as an IC? I am new to this and dont know the first thing about it. How do I get vouchers for the taxes and how do I pay the SS...thank you!
Paying Social Security is not optional.
social security card needed for job?
I am looking for a second job for some extra money and just was called back about one, he said to bring my license and social security number and i said okay bye. cause i was so excited, but then I thought, wait a minute, what? I don't have my social security card with me... First is this true, second how do i get one?
That only covers the income tax, not the social security tax.
You will have to pay the social security tax on your IC pay.
How to claim Social Security for part time
Hello. I have a few small part time transcription accounts and want to know how I can claim them so I can accumulate time for Social Security benefits. I'm an independent contractor using 1099.
Thanks,
Terry
Reading from my social security paper I have in front of me....
In the year you reach full retirement age, $1 in benefits will be deducted for each $3 you earn above the annual limit ($34,440 in 2007) until the month you reach full retirement. AFTER THAT, YOUR BENEFITS WILL NOT BE REDUCED, NO MATTER HOW MUCH YOU EARN. This is directly from their posting.
See my posting at top, got directly from my social security paperwork
NM
Good point - Income Tax and Social Security
It would be nice to see someone do a study on this. Not only the income tax dollars there are not going to our federal government, your states, but also what it would do for our social security program. I am sure we would be shocked at this impact. No one seems to want to talk about it. They say that offshoring is good for our economy because it makes businesses more profitable - but at what cost to all of the American people regarding jobs and tax funded programs? I don't get it.
Quarterly Taxes
I'm sure what state you live in, but in NY State I pay quarterly taxes to Federal and State. I get coupons in the mail at the beginning of the tax year, the deadlines for payment are in April, June, September and January. Basically you pay as much as you want towards your estimated taxes. I believe there is a percentage as to how much should be paid in order for it to be most beneficial to you at the end of the year. Not sure how helpful this is, but I'm surprised your State is saying it's not necessary to pay quarterly unless you can just pay a lump sum estimated tax amount.
quarterly taxes
You need to either go to the IRS website or call an IRS office. They will direct you correctly and give you the proper paperwork, etc to file quarterly. If you don't file quarterly (depending on your circumstances, children, etc) you stand a chance of being fined. The website also defines as to whether you should file quarterly and lists the circumstances where you don't.
Quarterly Taxes
I send in 35% of all that I have made up to the date taxes are due. You do not need to categorize it, just make sure you send in enough. Your percentage may be lower depending on other factors...spouse income and his/her withholdings, deductions, business expenses, etc. But 30% to 35% should be pretty close.
It is better to send in a little too much because if you owe (as I did for 2005, my first year filing quarterly), the IRS will send you a bill for interest for the amount you underpaid each quarter. Plus, of course, the amount under paid.
You can pay quarterly taxes yourself without
the help of an accountant. You can download the forms from the IRS. If you are married you can have extra taken out of your husband's check instead of paying quarterly taxes.
I think most people figure on saving 30% of their income to cover taxes.
I don't pay quarterly taxes. My husband
as 0, so they take out the maximum possible, PLUS he has them take out an extra $100 out of every check to help cover taxes on my income. Usually when we do taxes we owe an additional $1000 to $1200 after what he has taken out of his check, my business expenses, and our itemized deductions. We just write a check and send it in with our taxes.
question about quarterly taxes
I have been trying to figure this out and I haven't quite understood it yet, but since it is posted, here goes, where do I send the quarterly taxes and how much? I sent an email to my state tax commission about this, but what I got back from her is that it is not necessary to pay quarterly, so that was not very helpful. Please excuse any typos, I am very tired.
What are the dates quarterly taxes are due?
x
New to IC status, ? re: quarterly taxes
I apologize if this not the correct board to post this question. I began working as an IC the last couple of months last year and didn't make enough to have to pay taxes. However, for the 2008 tax year I will need to pay quarterly taxes to avoid being penalized. Is this something I can set up myself or do I need an accountant?
I have a full-time job that does take out taxes (not as an MT) and what would be the best way to determine the percentage I should be paying on the IC MT income?
Any advice appreciated. Thanks!
you need to be paying quarterly estimated taxes(nm)
x
Most ICs pay quarterly taxes. Go to the IRS website and print
off a form, send it in with taxes. IRS may send you some forms after that, if not you can pay as above.
Any ICs pay their taxes quarterly online at the IRS site?
I am thinking of doing it and just wondered how well it worked. Can you also pay your state and SE taxes there too? It really wasn't very clear online, at least to me.
DID you check with Social Security& does your son receive a check???
Go to SSA.gov and research the payee options. You may have to use the search engine, but your answer to this particular issue should be there.
I am disabled and while my kids were minors, I had to fill out a form each year on how I, as the payee spent each and every penny of the money they received. I don't see how his mother can justify how she spent his money for things that you normally would pay.
That said, he is getting Social Security right? Is your son receiving a dependent check? Under law, if a parent is disabled and has minor children, each and every one of those children also receive a check until they turn 18 or graduate from high school, which ever comes first.
The check is a percentage of your husbands, so for 800.00, your son should receive at least 350.00. If you have not been getting this, they would pro-rate it back to when your husbands disability started and that in itself, could solve a lot of your financial problems. You can also find this out on their website, HTH
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.
I don't pay quarterly.
I pay my taxes at the end of the year when I file.
Quarterly
I have been an IC for 16 years now but was married before and so had my husband overwithold. Then the last couple of years held a part-time in-house position and so overpaid that way. But this year will probably keep an eye on things and see what my taxes will be after about June and if it is bad, will make a payment then. I will have a lot of deductions this coming year - 2007 - so that will help. When I do my 2006 taxes I will just see what I owe and go from there. If it is easier to send in $400 four times a year instead of April 15th, will do that. I have never had to pay that much in penalities when I did not do quarterlies that it bothered me.
MQ quarterly bonus
Yes, MQ does still pay quarterly bonuses to their SEs. We earn $50 for each pay period we produce 10,000 lines and another $10 per 1000 lines after that.
quarterly bonus
Do you still get quarterly bonuses as an SE with the new incentive plan and how is it now going for you?
quarterly bonus
Do you still get the quarterly bonus for the SE incentive program and how is it going for you?
When is MQ getting rid of the quarterly bonuses? SM
Does it start before or after the OCT bonus?
Your first year you don't have to pay quarterly...sm
but of course, you better be setting the money aside. It's the second year where the government will ask you to pay quarterly. You only have to pay 100% of what you paid the year before in your quarterly payments. Ex: in 2006, you start your first year as an IC. You earn $25,000. Your taxes are $5000 which you pay as a lump sum on April 15th, 2007. In 2007, you pay your first quarterly installment on April 15, 2007 of $1250, with equal payments of $1250 at the next three payment due dates. At the end of 2007, you realize you made $45,000. It is not a problem that you only withheld taxes for the $25,000 amount. You will just make up the difference when you file your taxes for 2007 in 2008. Note: "bump up" your payment amount a little bit to make sure you clear the 100%, i.e. pay $1300 a quarter.
don't need to pay quarterly the first year...sm
the IRS determines you should be a quarterly payer when you file your taxes and show you have no withholding from your job. The next year you file quarterly but only have to pay 100% of what you made the year before, no matter how much you make or don't make this year. Ex: You being working as an IC this year 2006. You don't pay quarterly but when you file your taxes in April of 2007 for tax year 2006 you realize you made $10,000 and you owe $2500 in taxes for earnings in 2006. In the year 2007, you will need to make four equal quarterly payments equalling $2500, i.e. $625 (but round up a bit to $650). Your first quarterly payment is due April 15, 2007.
pay quarterly or withhold...sm
Last August, I was dropped from employee status to IC. I don't know of anyone else in my area that works from home as I do so I have a question for any of you that are IC's. When you file taxes you get a 1099 form from the work site, do you keep out money in a separate account for your taxes the following year or do you pay in throughout the year?
So in August of 2005, you went to IC status. You will owe income taxes including self employment taxes on everything from August on. By April 15, your tax man will have figured out what you need to pay. By April 15, this year you need to either start a) filing quarterly or b) increasing husband's withholding so that all your taxes paid for 2006 are equal to or greater than what you owed in 2005. For example, say in 2005, you made $10,000 as an IC and say you owed $2500 in taxes. Your husband made $40,000 and owed $8000 in taxes. In 2006, you would need to have $10500 withheld from his checks or a combination of his checks and your quarterly filings. And don't go into you pay more taxes as an IC than an employee. We've had that discussion up and down these boards these past two weeks. Don't even go there.
quarterly, now I just pay it all in April...nm
x
I take out 35% of each check and pay quarterly. nm
zz
Quarterly pymts
You can print the forms off through the IRS web page, send for them or if you use Turbo Tax they print them for you if you need them. As long as you have your cancelled checks you should be fine and send them in with a form and your SSN.
Just as above. It's part of what you pay quarterly.
When you're an employee, your employer pays 7.5 and you pay 7.5. When you're self-employed you pay the whole 15%. Also, you should be making estimated quarterly payments to avoid a penalty.
Quarterly Tax question
I pay my taxes when I file on April 15 or August 15 if I get an extension. I have a bookkeeping service that does my taxes and you don't have a choice but to pay into social security - i don't know how you have gotten around it. I would be interested to know, though.
The IRS will probably penalize you if you DON'T pay quarterly.
The first year it's usually tough to know what your quarterly payments should be; however, after that, the IRS will send you quarterly payment coupons so you're not the one to determine how often you pay--the IRS makes sure of that.
You pay them quarterly. You can download
forms from IRS website. If you have a spouse you can have extra taken from their check instead of paying quarterly.
You can do quarterly or not-- depends on what you want - sm
to do. I did quarterly at first but then said forget this, no point as my DH always had extra taken out of his paycheck, so why pay them then get a big refund, not too bright. So now as I I make more and have less write offs I actually owed in 2006, no penalties (refund year before), and in 2007 we also got a refund...had more write offs. I also started a very PT job with my kid's school and now have an extra $100 a month taken out of that to cover my butt for SE taxes. So I get out some, have my taxes taken care of at the same time and get a little extra on top of my MT money. My taxes generally come to 10% of my income, after a joint return, 2 kids, kid tax credit, standard deductions (cannot itemize anymore, not enough). So shooting for a refund, not too big but with enough cushion in case my income actually goes up.
As an IC when paying taxes, are SS and fed taxes sent SM
to the same place?
social anxiety
Maybe we're loners.
http://groups.yahoo.com/group/partyofone/
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