For IC MTs, when you pay your quarterly taxes that you calculate do you also add in the 15% social s
Posted By: PAMT on 2007-03-30
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First time doing this.
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Do you pay quarterly taxes? Can you pay Social Security (sm)
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!!
That should be 15% social security of your gross quarterly earnings also. n,
:
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.
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.
sorry, meant to say how can I calculate over
nm
if they still calculate words like they sm
did years ago, I always learned that 5 characters equals a word, then try that. 140 lines an hour, you want to at least try for 200, 250 or more is obviously better. You have to figure it out. How much do you make per line. If you are making 8 cents per line and typing 140 lines per hour then you are making 11.20 per hour. Is that what you want to make or can you make it easier by working for somebody else and getting paid by the hour? Thats a question you have to answer.
does anyone know how to calculate food
quantities for a party? i need to know how to calculate enough side dishes (like baked beans, hash brown casserole, etc). we will be ordering the main dish but trying to save money by doing the other stuff ourselves. right now there are about 80 people (about 95% are adults) on the guest list. thanks for any info! 
Depends on how they calculate
Sometimes they use an accrual system which means that even though you invoice in December and get paid in January they will accure that as a charge for 2006 so it could he higher than what you were anticipating. One of my accounts did that to me but I went by my calculations and never had a problem with the IRS. Now if they are 2000 less than what you feel you made, it might be because they calculated what you received in January of 2006 as being in 2005.
Hope that helps.
Maybe they did calculate the lines wrong,
but did we get a check or not???? And if we didn't would we have ever known??? No. So take your two cents or $130 or whatever the heck you got and shove it where the sun don't shine. I have thought about everything and I am still at Medquist and I like it. That is great that you quit, obviously you are a normal human being. If you think they are everything that you called them, by all means you are not the hypocrite here, but everybody else is.
My Eagles are losing right now, so my fury is soon going to be unleashed with a vengeance here. So, come on and post everyone. Bring it!!!!!
please help a math-dummy calculate
trying to figure cell phone plans (pay as you go type)....do i divide minutes by dollars, or dollars by minutes to get the cents per minute...
and more so, how does one know which way to divide other things of similar nature (not necessarily dollars vs minutes).
mega thanks .
How do you calculate lph into words per minute?
I know I transcribe an average of 200 lph, but how do you convert that to words per minute?
I calculate approximately $13/hour.
Calculate your hourly rate for transcribing
and charge them that, i.e., if you normally do 200 lph at 8 cpl, charge them $16.00 an hour.
That's what I would do.
$1.50 an hour sounds good until you calculate FT at
x
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/
Social anxiety, yes!!
So good to know I am not alone. Just last night I was at karate class watching my kids and watching all the other moms interact. This is how it always is for me. Watching everyone else chat and laugh and have a good time. I am very uncomfortable in social situations, and it seems like everyone else is not at all uncomfortable. Feels like I am the only one in the world with this. I don't really want to rely on a med, but I don't know how to get past this. All my neighbors are very close knit, I am the only one who never interacts or joins in on the get-togethers. They must think I'm stuck up. The truth is, I would rather take a beating than go to a block party! Any ideas on how to get past this?
social recluse
Why would anyone become an MT if they needed a lot of socializing? One of the main reasons I became an MT is lack of need for interaction with others.
I was a social recluse before this job.
...which I guess is why I have adapted so well to it. I could never handle gossip or having to walk around pretending to be a happy "team member" in an office setting. I watch "The Office" as a reminder as to how pukey that whole workin' in an office situation really is...but it is extremely funny when you aren't a part of that atmosphere anymore though. I once worked with a female version of Dwight and it was so not funny. Dwight=funny.
Social graces?
Been there done that. I have a Jewish doctor who mumbles and has a very strong New York accent - - and he has no social graces whatsoever - - burps, sneezes, coughs, sucks snot, eats with his mouth full -- YUK!!! The worst part is you have to listen again because you couldn't understand what he said the first or second time.
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
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