you OVERPAID your taxes by almost $4K? Sounds like YOU're the one who needs a better accountant.
Posted By: LOL on 2006-09-16
In Reply to: per my accountant - and being on production - I stopped paying quarterly, now pay yearly...sm
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If you had an accountant do your taxes, contact him or her. nm
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Taxes regarding self-employed = getting an accountant
Get yourself one, and he'll explain everything you need to know.
Why don't you ask the accountant who did your taxes last year?
I'm sure they are better able to answer that question than anyone here.
If they're withholding taxes, you're not an IC.
As an IC, you should already be paying taxes. That said, the only benefit having them withhold FICA is that your Social Security/Medicare share will be less. Social Security is 15%; if you're an employee, you pay 7.5% and your employer pays 7.5%. As an IC, you pay 15%. Doing the math, 0.0925 would be your 0.10 minus 7.5%--the 0.0924 is just a tad less than you're making now.
I'm being overpaid!
I just discovered that I was paid for overtime I didn't work on my last paycheck! How could MedQuist do this to me???
Actually, it's probably not overpaid, they probably are
v
and, you're an IC, so you make a little more because of your taxes.
nm
Make sure there aren't other taxes that you're overlooking.
Some communities/counties have occupational privilege tax, 911 tax. Some sales require you to collect a sales tax on your service. The best advice is to check with a tax preparer AND visit your state's revenue website to make sure you're not missing anything.
Sounds just like my vet, except we're beyond
bloodwork and into ultrasounds. Two years ago I had a cat that the ultimate diagnosis was FIP by process of elimination. She had a CT scan, a spinal tap, an ultrasound and all kinds of blood work for a total of over $4,000.00. I have a dog with Cushings and I haven't kept track of her expenses, but I'm sure we're close to $5,000.00 over the last 3 years. She is currently on $300.00 worth of medicine a month and that will probably be increased another $100./mo. I have finally gotten to the point where I tell the vet no about a lot of things because one test we do is $425.00 and HAS to be done twice a year, but it was done in mid December and the results were borderline and so she wanted to repeat again in January because the medication for the test is only good for 6 months and she didn't want to waste it. I felt like 1 month wasn't going to show anything significant and our money would be better spent on her medications.
I think more people are looking at pets as family members and not pets - I know we do. We have 5 vets in our practice and when I see one particular one she always tells us we need to schedule a teeth cleaning. I think they cost about $250.00 and your pets has to have anesthesia.
well, sounds like you're trying to sell something
Sounds like you're in the clear!
Sounds shady to me not to know what you're paying for.
Report to the Better Business Bureau.
No wonder you're upset! That bail sounds awfully low - sm
It sounds like he's a friend of the judge or something.
And your story illustrates the trouble with Megan's Law. It is well-intentioned, as far as it goes, but AFAIK there is no law anywhere that says _you_ must be notified when you move into a neighborhood where a child molester is living. When my daughter was 12, we moved into a house next door to a molester. He never touched her but he used to put candy in our mailbox with weird little notes attached!
Sounds like you're suffering more from job boredom than anything else.
.
It all sounds pretty okay, as long as you're not - sm
being paid by the line, but by the hour. (I assume you're currently paid per hour as an inhouse employee, right?) If you can still make your previous inhouse salary, rather than the paltry cents-per-line most at-homes make, you should be sitting pretty.
Double check and be sure the inhouse people have to maintain the same line count as you! There is no reason why at-homes should be 'penalized' with higher line counts than in-house people, especially if you're doing the same work, using the same equipment, etc.
If you're paid per-line, and it's not as much as you'd be making per-hour inhouse, what could happen is that you'll find yourself working longer hours for less money, which isn't fair. It's hard to maintain quality work when you're depressed about what you're making, or about never being able to leave the house!
Depending on your hospital's software, they may be able to clock you in and out. I worked at a place where they could see the time you started a report, and the time you sent it, but that wasn't always accurate if you were halfway through a report and then got up to use the restroom, and then had to wait in line for a stall, etc.
Even if you can't get worker's comp for getting hurt at home (though if you got something like carpal tunnel, you might be able to dispute that!), you would probably still be able to get Disability.
For the most part, it sounds like a deal that would work. You're better off being at at-home employee of an inhouse MT department than you are working for a large national. You probably already have better benefits, too.
And, at some point in the future, if you decide working at home isn't for you, you probably would have the option of going back inhouse without much change in anything, but if you left and worked elsewhere, it would not only be harder to come back if you wanted to, but they'd probably add insult to it all by offering you a lower 'starting' wage.
Good luck, and let us know how it all works out!
You're the one that sounds angry. I've made sure
If you need to stoop to that level to live, apparently the one who's made a wrong turn on the pathway of life is you.
People get angry about the prospect that they failed in life. Time to reevaluate, regroup and see why you feel so angry and take it personally when people make statements such as mine.
trying hitting your Refresh button, maybe? (sounds like you're seeing an old
nm
Sounds like you're on the right track with Weight Watchers (sm)
Do they offer counseling too? I know of two people who did Weight Watchers and they were very successful. Seems like a good, healthy program. I am not overweight myself but my sister is and, like you, has struggled with her weight her whole life. So I know at least second-hand the struggle you're going through. I think maybe if Weight Watchers doesn't offer counseling that it might be a good idea to talk to someone about your feelings and help you sort through them. Best of luck to you and try not to be too hard on yourself. Your son and your husband love you for who you are.
Get Momma's recipe while you're at it. Sounds great! nm
Why? It sounds like you're assuming the generated reports contain...sm
incorrect or fabricated information. Such would not be the case in these situations.
Well your statement sounds equally closed-minded to the one you're arguing with
Where one person prefers to live and why is their own business and no reason to diss someone else's personal choice.
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.
Not an accountant
I am not an accountant -- you can ask a financial advisor or someone. I do have a business, business license - pay city business tax, etc. Registered name with the state. So for me I can. Also should clarify that what you can contribute does depend on what your income is after your business deductions. I cannot claim all of the 10K that I contribue because after all my deductions my income does go quite low. But I continue to contribute it to both an IRA and SEP so that I can maximize my deductions. But being an MTSO/IC does give me more usable income because I do maximize my deductions and plan for the future.
Man! Do I pay a lot for my accountant!
I've given him 22 of the best years of my life, two children, and I do most of his cooking!
But, seriously, my husband is a CPA, and yes, he uses TurboTax. He uses the professional version which has a few more bells and whistles, but that's what he's used for years, and that's what he recommends. In fact, he really wishes his "shoebox and paper bag" clients would just learn to use TurboTax. He has to do corporate returns by March 15, and those suck the life out of him. He doesn't even bother with anyone's personal returns until after March 15.
Unless you have a complicated list of investments, unusual expenses, multiple businesses, or nonprofit stuff to file, you probably would manage just nicely with TurboTax.
As for me, my return is already completed. If he doesn't do it now, he won't have time to finish it in April. I haven't done a tax return since I was 21 years old. :) Lest you feel jealous, know that he can't do a darn thing mechanical around the house, and he snores like a bear! Happy New Year, and Happy Tax Season!
I am going to be an accountant -
I will graduate in December with my associates degree and then on to a job somewhere out of transcription while I work on my 4-year and CPA.
MT to accountant?
I am looking at going into accounting (associates degree - obtaining it on-line). Does anyone have any thoughts, opinions, ideas, suggestions, anything that might be helpful or useful to help guide my decision as to whether or not to pursue it? It will cost me about $8000 over the next 2 years, but I will be able to continue to work full-time as an MT, though will be trying to juggle full-time MT, full-time school, and a 2-year-old, so it will be interesting. That's about it. Any opinions are well appreciated.
per my accountant - and being on production
being on production, you don't know what you're going to make - so it doesn't apply to us. In the beginning, I used to pay quarterly. I now pay annually and the IRS just returned $3700 in overpayment to me for this year. Yep, I just recently received a check back for overpaying my 2005 taxes!!! As long as you pay and on time, the IRS lets us do this. Been doing it this way for years now and I have no IRS problems *thank goodness*
Better get a better CPA/accountant if they don't tell you these things......or maybe different strokes for different states, but I don't think so.
I pay yearly also....per my tax accountant. sm
It doesn't matter as long as you pay - quarterly, yearly, etc.
You really need a good accountant. sm
SS# is fine. You will need to give your contractor a 1099 at the end of the year and deduct her income off of the top. That is a deduction for you from your gross.
Really, though, you need an accountant because things do tend to get a little tricky.
Good luck!
Check with accountant
Pay the money and get do a consult with an accountant so you can understand the basics and know what and what not to do. The money is well worth it. Or get an old copy of Turbo Tax for self employed to see what you can and cannot use for deductions. All of my accounts use by SSN on my 1099 which will will receive from them and in turn prepare a 1099 for your IC or subcontractors. Be sure that they meet the requirements for IC's. Go the IRS website and this will give you some information but again I cannot stress with all of those who are starting out find a good accountant and get their expertise advice. After 2 to 3 years of having my account handling my business, and our joint tax returns and advice, I am now able to do it on my own with Turbo Tax for the past 15 years but to begin with you need some expert advice. I am not knocking you but it really sounds like you do not have an understanding of even the basics of how to handle the taxes and finances of your business so you need to do some homework and get some advice. It is simple but again with his/her help you will know that what you are doing is correct and that will cause a lot less headaches in the years to come.
Patti
Yep, me too. My accountant deducts these
every year and I am a regular employee, not IC.
Thank you. My accountant has given me advice.
He said I should pay the contractors less.
Yes, the point was for me to make money.
What I'm saying is that it is tough. Not just for MTs. It is a tough business right now. There are lots of companies who can snatch my accounts easily. MTs want more money, clients want faster TAT, I have to be able to afford my equipment and business overhead (and it is SLIM, very lean) but apparently I am the one who is supposed to do without.
Everyone keeps saying to just pay less. Then MTs will quit. Then I'll be forced to send work overseas.
It's a mess.
Appreciate your reply, though.
I'd get a new accountant. I work FT as an
employee, have since day one and I can itemize and claim everything but the self-employment taxes.
Get an accountant...even H&R block will do.
I made the mistake of doing the taxes myself one year (TurboTax)and ended up getting audited for that year 2 years later. Luckily it only cost me $1200 but I'm sure it could have been much worse. I just go to H&R Block. At least if I get audited again, they'll handle all the work AND pay my fine if it's something they messed up on.
become an accountant or personal trainer
Although I dont make under 10$ an hour as an MT, try working more as my supervisors and managers have told me in the past when I have asked for a raise. In all seriousness, where do you work that you make that little? Are you paid by the line and how much? Switch companies, do not accept less than 8 cpl. I saw an ad for MDI and they start you at 8.5 cpl. IC's usually make 9+, if you do not need the insurance coverage.
Hmm. Every doc, nurse, attorney, accountant
I know is making WAY good money and none are working at McD's!!! LOL
I dunno know - leave it up to my accountant. That is what I pay him for. nm
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See an accountant. I'm sure you saved your old income tax
zz
get an accountant -- you can take off their fee as a tax deduction and to me, it's worth it to ma
sure my taxes go in quarterly and correctly so that I don't get slammed at the end of the year!
I wouldn't file w/o an accountant. sm
I know some use Turbo Tax and the like with success, but I like the security of having an accountant tell me what I can and cannot deduct based on my personal situation and facts. You can find private CPAs that don't charge an arm and a leg and the amount is also tax deductible. Our CPA does our taxes and answers questions throughout the year for a very nominal flat annual fee. Well worth it, especially if you ever get audited.
Don't forget the accountant's/bookkeeping
Legal fees, Internet service, subscriptions, dues to organizations, repairs to equipment, % of office space, postage (if applicable), mileage (if deliver/pickup), advertising (if applicable), security system (burglar alarms, etc. if applicable),probably more I can't think of right now.
I suggest you seek out an accountant sm
Since you have no experience as IC, you really need to talk to an accountant. Honestly, that is the only way to be knowledgable about it. I had to do that 18 years ago when I started as IC. Each year, the tax laws are updated, new write-offs, things you were deducting can't be deducted anymore, etc.
I have had the same accountant now for about 12 years, and he is not that expensive. Last year, he charged $180. Not too bad.
I would call a tax attorney/accountant in
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That's right. Would you give your plumber or accountant a raise?
Or, since they're a business and not your employee, would you expect they will raise their own rates when necessary?
You need to talk to accountant. His fee is tax deduction, you will want several dedections each
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Don't worry about what you have to pay an accountant. You'll make it up
I'm repeating what my accountant told me. Go argue w/him I guess.
He said find out what you need to make and then multiply that x 3.
I paid at least 30% tax last year, or more. even with my piddly deductions.
Do u think a lawyer or accountant or doc has "QA" person - nope, if they screw up... they scr
As an MT, we know what our job is period. WE produce a report at 98% quality or better. This should be done without QA as we should take pride in our work and make sure it is correct. Of course, then again, we are "tested" for a job. Other professionals are not. I refuse to be. If a company mentions a "test" that is a big turn off for me.
Bottom line - know what you are doing and complete an accurate report (within 98% for human error rate which we all have) or learn another field... not a hard concept
As an IC when paying taxes, are SS and fed taxes sent SM
to the same place?
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!
For Pete's sake, you're not terminating a pregnancy, you're just typing a report after the
It's already been done before you even hear about it, and NOTHING changes regardless of whether you or someone else types it. Sheesh.
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