Ok I need to know more about the social security taxes. When you are working for someone, I know that the employer pays half of the medicare and social security taxes. Iam tryin to understand how does this work when you are self-employed(running ur own business), I read in the book that the IRS allows you to take half the amount as tax deduction on FORM 1040–I need some more clarification on what it means.

How do i figure this problem out.

Charlene Langhorst’s gross weekly salary is 0. Her federal withholding is 1.62. The Social Security tax is 6.2 percent of the first ,000. The Medicare tax is 1.45 percent of gross pay. The state tax is 1.5 percent of gross pay. Each week she pays .40 for medical insurance. What are her total deductions?

Thank you

II. The purpose of this project is to construct an Excel file that can be used for an employee’s
payroll calculations. Prepare an Excel spreadsheet that can accomplish the following tasks, for a married person with 2 deductions and is paid weekly.

1. What is the hourly pay rate? Accept an input of regular hours, time and a half hours and double time hours per week. Multiply the employee’s hours by the appropriate rate to find the pay in each category and to add regular, time and a half and double time to find the weekly pay.
2. Is the federal withholding calculated using the percentage method or tax tables? Find the federal withholding based on your decision.
3. In what state does the employee live? Compute the appropriate state withholding.
4. Calculate any other deductions and Social Security, Medicare, FUTA, and SUTA taxes that the employer pays on the employee’s behalf.
5. Be sure to use formulas whenever possible in your Excel spreadsheet so that for example the hourly rate could be modified and the entire spreadsheet would update all calculations.
6. Comment on the ease or difficult of using Excel to make payroll calculations. Make any suggestions about how your spreadsheet could be modified to provide calculations for a wider variety of employees

I work as an independent consultant providing advisory services. My pay is gross with no deductions for advisory services to my clients in my consulting business.

Specific questions are:
1) Where do I remit the employer/employee portion of Social Security and Medicare?
2) What forms do I use? 1040ES seems to lack worksheets for deducting expenses for self-employed persons.

1) People buy health insurance for themselves, or receive it through their employers. Whatever cost is not covered is paid by the individual, or through Medicare or Medicaid if eligible. (present system)

2) People pay for their health insurance. Insurance paid for by employers is now treated as income to the individual, but each individual also receives an equivalent tax deduction or credit to buy insurance. (This has the effect of getting employers out of the health insurance business somewhat, and making individuals more active in the process.) Allow for more interstate competition among insurance companies. Individuals pay for whatever is not covered, with some govt assistance if needed.

3) People pay taxes for an insurance system administered the government. The level of coverage (and who pays what "premium" and who gets what service) is determined by the government.

Which do you choose? Why? Are there any additions or changes you would make to my facts?

The top 35% marginal income tax rate rises to 39.6%; adding the state income tax, the Medicare tax, the effect of the deduction phase-out and Mr. Obama’s new Social Security tax (of up to 12.4%) increases the total combined marginal tax rate on additional labor earnings (or small business income) from 44.6% to a whopping 62.8%. People respond to what they get to keep after tax, which the Obama plan reduces from 55.4 cents on the dollar to 37.2 cents — a reduction of one-third in the after-tax wage!
Mr. Obama has also opposed other important free-trade agreements, including those with Colombia, South Korea and Central America. He has spoken eloquently about America’s responsibility to help alleviate global poverty — even to the point of saying it would help defeat terrorism — but he has yet to endorse, let alone forcefully advocate, the single most potent policy for doing so: a successful completion of the Doha round of global trade liberalization.

http://online.wsj.com/article/SB121728762442091427.html?mod=opinion_main_commentaries

Ok so im having some problems in my business math summer course,best answer for whoever gets the most correct.

ok here we go:

4.Chris Huen, an oceanographer, is paid 6.20 a week. His earnings to date this year total ,895.60. The social security tax rate is 6.2% of the first ,700 earned. How much is deducted from his paycheck this week for social security tax?
5.Sherry Reese, a technical writer for Ace Electronics, earns 3.08 a week. Her medical insurance costs 19 a year, of which her company pays 75% of the costs. How much is deducted each week from her paycheck for medical insurance?
6.John Jacobson, a title insurance officer, is married and claims 2 allowances. He earns 2.75 a week. The social security tax rate is 6.2% of the first ,700 earned. The medicare tax rate is 1.45% of gross. The state tax rate is .95 a week. He has weekly deductions of for medical insurance and for payroll savings.

My first question is deduction for any employee currently available, and second if made available how would it effect economy. Instead of suggested stimulus offer business full deduction for their portion of SS and Medicare tax paid FOR FULL-TIME EMPLOYEES.

I’m just getting into the business world so I don’t know much about taxes or filing out w-4 forms properly. I’m 19, full time student at the university of colorado and i’m home for the summer working as an intern. I receive hourly pay of .45 with a monthly stipend. My parents are still fully supporting me and I work just to get a little extra money. I got my first pay check today and my father pointed out that I must have filled out my w-4 form incorrectly because I was being taxed federal income taxes, SS, federal medicare, CA income taxes, and CA Vol. Disability. (and well thats a pretty big lump of money if you’re not making much) I figured out that I won’t get any of that money back until I file my tax returns for 07 correct? But when I correct the w-4 what should I put down???

I’d like to know the total bill, what’s being spent by every level of government in the country, including the revenue lost to deductions taken by both businesses and individuals. Medicare, Medicade, Veterans, Military,any other government programs, health coverage for government employees at all levels, the tax breaks at all levels – the works. I expected to find this number fairly easily; how can we talk about the proper role of government in health care if we don’t know how much is already being paid for with tax dollars ? But I can’t find it.