Social security is part of Federal taxes
Posted By: Patti on 2007-06-06
In Reply to: Do you pay quarterly taxes? Can you pay Social Security (sm) - Sammy
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
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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's interesting since you have to have a social security number to pay taxes
you're full of it
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
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.
That should be 15% social security of your gross quarterly earnings also. n,
:
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.
You pay taxes to the Federal gov't, among others.
The question should not be about what taxes you pay and who gets the money. How governmental entities distribute the money is for them to worry about, not you. As an IC, you will have deductions available to you that are not available as an employee.
Only YOU can determine if the responsibility of being an IC is for you. There is so much more to IC status than taxes. My suggestion is to read up on what is involved in self-employment by checking out a book on entreprenurship from the library or do some reading on the Web. My guess is that you're not ready for this yet but you can be if you do your homework.
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.
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
Excuse me but federal taxes are paid as employee by employee
The ONLY difference in IC is you pay the ENTIRE amount of the SS which is the 15.25%, as an employee you only pay 7.75%. And you can easily make up that difference in deductions. As an employee you just have someone else manage your withholdings and as an IC you do it yourself. I have much more usable income being an IC and not an employee and I am strict about putting aside what I need to. But everyone always says you have to pay your own taxes, well your employer does not PAY them for you -- except 7.75% of SS, they merely withhold it for you. As an IC you are the employer.
Federal holiday, banks and federal offices closed, but
schools and everything else open here.
Part of what you pay in taxes w/o the incorporation...
...would be Social Security taxes. I would think that after you become a corporation, the deduction that you're speaking of would be coming from not having to pay have the SS tax. Have you checked out how this would affect your personal situation after you dissolve the corporation and/or retire and expect to collect SS? Just a thought...
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.
Federal ID #
If there is a "mother company" that is overall all the smaller companies sometimes the ID could be the same -- I think. My husband drove a truck for Dalles Mavis that was owned by Active Transportation that all has other comanies. All of hs W2 forms, etc. came from Active with their ID number on it though he worked directly for Dallas-Mavis. Even when he moved to Texas and worked there instead of Oregon, his W2's all came from Active.
They won't be saving anything since if you made $5000 from Company B and they deduct it from Company A, they will be paying taxes more taxes from Company B and less from Company A but again, if there is a corporation over all of the companies, it will all be merged in together to pay taxes on the "profit" from the corporation. Just like being married, your husband can over withold and pay for your taxes because you merge your income together. Just hopefully be requesting that they issue you another 1099 that they don't send both into the IRS and so the IRS thinks you made $10,000 and not $5,000.
There is no such federal law! :)
Every employer has the right to answer questions about former employees. Most prefer to not go into too many details. Asking whether or not an employee is eligible for rehire is a very common question.
We did this. We went through HUD or some federal program
that loaned us the closing costs and down payment on a second mortgage. It was paid off within five years.
They were federal charges
go to a halfway house first, but I thought surely that the prison could tell me something, if that was the case?! They just said he was out of custody and that's all they could tell me. Thanks for the encouragement...it's appreciated!
Is there federal money available
It occurred to me that it may be something we mention when writing/calling our government.
I know that when Levi Strauss closed their factory in Roswell, NM, and sent it down to Mexico (thanks, NAFTA), they gave their workers money to retrain in a new profession.
Surely this is something that can be fought for. We know darned well the MTSO's won't take money out of their own pocket to do this, but there was/is a government program called TAA which is supposed to help people who have lost work as a result of imports. I think a case can be made for medical records transcribed overseas as qualifying as "imports".
I found an old document on line at http://www.edd.ca.gov/pdf_pub_ctr/de8714x.pdf which describes that 3 or more workers who have been affected by imports can petition for federal money for assistance and retraining. There's also JTPA/WIA which established one-stop career centers and I believe being laid off because of work being sent offshore (or just laid off, period) would qualify people for this program.
There's also this article, which I included a part of, that is talking about IT workers for Computer Sciences Corp (my brother happens to work for them and has survived the layoffs) filing suit....
*The department has long held that programmers who've lost jobs to cheaper, foreign workers aren't eligible for the TAA program because their employers, or employer's customers, are not importing a physical good in the same way as, say, steel manufacturers. A number of federal and state lawmakers have introduced bills that would automatically grant eligibility under the act to IT workers and other white collar professionals, but none has become law.
The labor department initially said that although CSC moved production of its Vantage-One insurance software from East Hartford to CSC India, the software was not an imported "article" as defined by the act. In a lawsuit, the workers asked the U.S. Court of International Trade to overturn the department's ruling. In January, trade court judge Nicholas Tsoucalas ordered the department to revisit the case, noting that, "Labor's interpretation of the law, that software code must be embodied on a physical medium to be an article under the Trade Act, is arbitrary and capricious."
In a Federal Register note published April 11, the Labor Department conceded the point and ruled that the four CSC workers would be eligible to apply for TAA assistance. In ruling, the department said it would henceforth look upon software, whether shipped into the U.S. on a disc or transmitted into the country via telecommunications networks, as a physical product.
Software and similar intangible goods that would have been considered articles for the purposes of the Trade Act if embodied in a physical medium will now be considered articles regardless of their method of transfer," the department wrote.*
Something to think about.
Also, I'm pretty sure we've been far OVERestimating how much money offshore people are paid for transcription. Their companies might get 1 cent a line after it goes through 3 or 4 edits, but I'm pretty sure the person typing the report and mangling the English is paid more like 1/5 cent per line, which is still pretty good money for them. My math is based on there being 40 rupees to a dollar, and 1/40 of 8 cents per line is 1/5 cent. There was that article quoted on the company board from Manilla where they were gloating that their workers got $1 to $2 an hour and, if they're required to transcribe 1200 lines a day, that comes to 1/10 cent per line. But that was back in 2005.
Back to the 1/5 cent. So if the report goes through 3 or 4 edits, each getting paid their 1/5, then the Indian company keeps the 2 cents per line which is left over and our dear old MTSO here in the States charges the hospital what...11 cents?..pays our US MT 3 or 4 cents to edit. So, 3 cents/line to the offshore company, 4 cents/line to our US editor, and the MTSO still pockets the 4 cents/line left over? Why do you think we're seeing 7 cents/line more and more often as the going rate of pay?
Well, just some things to think about - I get my best ideas late, late at night!
The easy part is making the decision to leave, the hard part is
actually doing it. Been in your shoes and it took me a year and a half to leave after I had made the decision to do so. It was the best thing I have ever done for myself and my girls. I had family and friends and a counselor telling me what needed to be done and I knew what needed to be done but until I had the courage on my own to do it I stayed. One day, we had an argument and he spit in my face and that was the last straw for me. Even though it is something that I will NEVER forget, that day is also a day I will never forget because it is the day that I took my kids and left. I am a single mom of 2 and have been single and supporting us for 5 years now. I have been healing ever since and still am to this day. You can do this. I know that if I hadn't have left and I would have stayed one of us would be dead by now or both.
Thanks for sharing this. If federal guidelines were followed,
the minimum wage earner could not even shop at Walmart---that's really sad! This is just another point that shows that the government has obviously gotten too big for its people, $5.15 is a JOKE. I'm glad some states actually have some sort of caring politicians.
Federal Govt program (sm)
I am going to ask my tax person about this. I am currently working for a company as an IC, but now I'm thinking it should actually be called SE status, since they withhold, what looks like, about 7% of my income for OASDI and medicare. I also worked for MQ as an SE and they took out FICA, so I think I'm okay for now. However, if I switch jobs, I will need to make sure this is taken care.
I don't think FEDERAL varies whereas state...sm
I think states set their own regulations but I do believe that Federal is all one set of rules/regulations. The police might be able to tell you but I think you'd find out so much more via the internet if you know what state he is in. I found someone in jail recently. I put in her name and she is locked up and probably going to get the books slammed at her. Very young nonthinking girl too.
All states and even federales have websites. You can type in INMATE information and then the state and all kinds of links will come up. You can probably this way find his name at some institution and if paroled, call the institution he was paroled from and find out more details if possible.
BEST of luck on this!!! The internet is great for finding even old friends (I found several 30+ years after being in contact).
Question for ICs about SS and federal tax. I am new at this and I am wondering if you can pay
your federal tax and SS more often than quarterly so it doesnt turn out to be so much money. I would pay the State and Local quarterly but would like to pay the fed more often. Anybody do this or just file quarterly.
Can anyone that is an IC tell me when you send in your quarterly Federal and SS is there anywhere
you can check to make sure your money had been credit properly to your account to avoid problems at the end of the year.
HIPAA is a federal law, not State.
I could be wrong but I don't think you need to get the office to sign anything. You just need to be HIPAA compliant on your end. Double check on this though.
Marie, what type of federal job, is this still medical? nm
x
Section 8 housing. It's a federal program through HUD.
Google it "Section 8" housing to verify.
Probably 2 weeks and if i recall it will be on a Friday for Federal.
xx
I agree with "Snow Bunny" Federal govt. sm
Everyone new that New Orleans was pooooooooooooooooooooor
With state and Federal, you 40% of your earnings GO, bottom line.
I don't know what's up for debate, it's fact.
Housing prices have gone up 40% in the past year alone in California.
The federal gov't is urging paperless MR to save costs.
dd
you're right, it's federal but diff for each state...see link...sm
http://www.dol.gov/esa/minwage/america.htm
ALL STATES PAY MINIMUM WAGE DIFFERENTLY - i.e., Arizona says *No state minimum wage law.*
Here's how foster-to-adopt works on the federal level...sm
All non-Caucasian over age 1 automatically get adoption assistance. All Caucasian kids over age 8 get adoption assistance. If you adopt a sibling group that is more than 2 kids you get adoption assistance. All special needs children qualify for adoption assistance. Adoption assistance usually means Medicaid until they're 18 and in a lot of cases the monthly per diem rate is paid to the adoptive family. For the special needs kids, sibling groups and non-white children that meet the adoption assistance criteria generally the fees for adoption are reimbursed up to $2000 - which is pretty much what all of the attorneys charge for these adoptions since Child Protective Services/DFCS does the majority of the paperwork.
We're currently in the process of adopting our 6-year-old foster child who has lived with me since she was almost 5. The adoption should be finalized in January after my husband meets the 6 months residency requirement (we got married in June and he moved here from another state at that time).
Is there any danger putting bank acct# and routing# on federal tax (sm)
tax form so as to get your refund by direct deposit? Can someone use this info to their advantage?
I figure income minus expenses, send 23% for federal and 7.5% to state--sm
quarterly. The state probably differs state to state, but that is the percentile my accountant came up with. Have never had to pay and additional.
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.
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